Solana-Based Marketplace AgriDex Raises $5M to Tokenize Agricultural Industry
AgriDex brings agricultural commodities onto the blockchain by allowing crops to be bought on its marketplace with finalized deals backed by non-fungible tokens (NFTs).
May 9, 2024 at 2:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/H75HHKVX3VA6DAI6CYQKC4672Q.jpg)
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- AgriDex is looking to bring the global agricultural industry on-chain by tokenizing various crops to be bought and sold on its Solana-based marketplace.
- The tokenization of real-word assets has been gathering momentum in recent months.
AgriDex, a Solana-based tokenization platform, said it raised $5 million to bring agricultural commodities on-chain.
The pre-seed funding round included investments from Endeavour Ventures, sub-Sarahan African agricultural group African Crops and South African vineyard group Oldenburg Vineyards, the company said by email on Thursday.
AgriDex allows various crops to be bought on its marketplace. When finalized, deals are then secured by minting a non-fungible token (NFT) recording the key transaction details.
The tokenization of real-world assets (RWAs) is an area of the crypto industry that has been gathering momentum in recent months. A report by CoinGecko found RWAs to be the second most profitable narrative in first quarter, offering 286% in returns, albeit a distant second to the 1,313% offered by meme coins.
Tokenization of RWAs has generally been more focused on assets such as stocks, bonds and metal commodities like gold. AgriDex is attempting to extend this narrative into the $2.7 trillion global agricultural industry.
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Jamie Crawley is a CoinDesk news reporter based in London.