The agricultural blockchain startup GrainChain raises $ 8.2M

Medici Ventures and Eden Block have invested in GrainChain, a startup that uses technologies blockchain and IoT to empower farmers and improve supply chains on the agricultural market worldwide.

According to a press release, Overstock via its blockchain incubator Medici Ventures, bought for $ 5 million of actions GrainChain. The American e-commerce company had already invested $ 2.2 million in the start-up earlier in 2018.

There is also the participation of the Israeli venture capital company Eden Block as well as that of other non-quoted investors, bringing the transaction to $ 8.2 million.

GrainChain has become one of agricultural blockchain platforms the best performers in the market by enabling more and more farmers to receive fair value and prompt payment, while selling to a larger pool of buyers. GrainChain's work aims to reduce the time and spoilage associated with farming transactions, while reducing friction costs for farmers and buyers, "said Overstock director Jonathan Johnson.

Founded in 2013 in Texas, GrainChain created a platform based on the technologies of blockchain and someInternet of Things (IoT) to make it easier for farmers to deal with buyers.

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Its infrastructure also reduces the fraud and corruption thanks to followed and at the certification, and streamlines transactional procedures throughout the Supply Chain.

Our team is honored by the constant support of Medici Ventures which demonstrates their commitment to our goal of building a global, transparent and fair agricultural market, ”added GrainChain CEO and co-founder Luis Macias.