GrainChain, a Texas-based provider of an agricultural blockchain platform, raised $8.2m in funding.
Medici Ventures is joining Eden Block and other investors in this latest round. This follows Medici Ventures’ initial investment of $2.5 million in the company, announced in December 2018.
Led by co-founder and CEO Luis Macias, GrainChain provides a platform which enables payment and allows for the immediate availability of tradable commodities between buyers and farmers. Its blockchain-based infrastructure also reduces fraud and corruption through tracking and certification, and generally streamlines transactional procedures throughout the commodities supply chain. The company intends to use the funds to continue product development and expansion to meet market demands in more countries.