AgriDex Reaches $9 Million in Stablecoin Trades

TLDR

• AgriDex processed $9 million in trades across Africa.
• Funding aims for $40 million transaction volume by year-end.
• Loam system enables transactions under five seconds and low fees.

AgriDex, a marketplace on the Solana blockchain, announced reaching $9 million in stablecoin trades across African markets. The platform leverages the Loam system for low-cost and rapid cross-border settlements.

Henry Duckworth, AgriDex’s CEO and Founder, has emphasized concise communication as crucial for their approach, noting that faster payments and fewer intermediaries strengthen the supply chain. The company recently secured $9 million in funding from venture capital firms and angel investors, intending to boost the stablecoin-powered trades across various markets.

New Funding and Stakeholder Contributions

The recent funding round attracted institutional investors including Sycamore Gap and Endeavour Ventures. Angel investors from major financial institutions like Citadel have also participated. These funds are aimed at expanding operations and increasing adoption in African and other markets.

The investment targets a $40 million transaction volume before the year ends. The company employs a team predominantly based in Africa, ensuring a direct engagement with the local market. Learn more about AgriDex’s journey and funding.

Solana-Based Operations and Technological Structure

AgriDex operates as a real-world asset trading platform on Solana, using stablecoins like USDC and USDT for settlements. No direct effects on Ethereum or Bitcoin have been reported, as the technology stack remains focused on Solana.

Since launching, AgriDex has processed $9 million in trades in Africa. Its platform Loam facilitates transactions with settlement times under five seconds and fees below 0.5%, anticipating significant growth in processed volumes. More details on AgriDex’s offerings can be found in their latest Twitter update.

Anticipated Industry Trends and Comparisons

The business model of AgriDex mirrors other Solana-based ventures that have increased liquidity and attracted institutional interest by tokenizing commodities such as wine, coffee, and land. Prior initiatives in the realm of real-world asset marketplaces and instant settlements have enhanced adoption by lowering fees and crossing borders with ease.

The positive reception of AgriDex in local markets points to greater crypto adoption as services become more applicable to everyday users. Unlike previous market moves, AgriDex focuses on cultivating an environment where technological jargon is minimized to encourage broader participation. Visit the AgriDex website for other innovative agricultural solutions.