Overstock Buys 10% Stake In GrainChain Blockchain Project
Medici Ventures, an investment subsidiary of Overstock, has acquired a $2.5 mln stake in GrainChain, the agricultural project on blockchain, Cointelegraph reports, referring to the company's press release.
GrainChain has created a blockchain-based platform that allows agribusiness participants to monitor agricultural products, starting with the harvest and ending at the stores. Manufacturers, buyers, and vendors will be able to create smart contracts for the entire transaction chain.
GrainChain representatives claim that their system allows small and medium-sized farms to expand the geography of the business and conduct it without any intermediaries.
Currently, Medici Ventures owns a 10% stake in GrainChain and can purchase an extra 10%. In turn, GrainChain will be able to expand to the markets of Central and South America.
Blockchain technology is becoming increasingly popular among companies associated with the agricultural business. In November 2018, Sweetgreen, the American restaurant chain specializing in fast food salads, announced another round of financing, which will allow the use of blockchain in its products supply.
As previously reported, four world's leading agricultural companies, referred to as ABCD, decided to cooperate to use AI and blockchain for agricultural trade.