Overstock.com, Inc. (NASDAQ:OSTK) has announced that the company’s blockchain accelerator, Medici Ventures, has exercised a warrant to purchase an additional $5 million of equity in keiretsu company GrainChain to further grow its revolutionary agricultural blockchain platform. Medici Ventures is joining Eden Block and other investors in this latest round of funding for GrainChain, which resulted in $8.2 million in capital for the company. This follows Medici Ventures’ initial investment of $2.5 million in GrainChain, announced in December 2018.
GrainChain’s innovative platform enables faster 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.
“GrainChain has quietly become one of the most successful blockchain-meets-agriculture platforms on the market by allowing more and more farmers to receive fair value and prompt payment for their crops, while also selling to a larger pool of buyers,” said Overstock CEO and Medici Ventures President Jonathan Johnson. “GrainChain’s work in reducing the time and spoilage associated with agricultural transactions, while also driving down frictional costs for both farmers and buyers is a shining example of Medici Ventures’ mission to democratize capital, eliminate middlemen, and re-humanize commerce through the use of blockchain technology.”
“Our team is humbled and honored by Medici Ventures’ continued and unwavering support of our work,” said GrainChain co-founder and CEO Luis Macias. “Today’s announcement is a testament to the success of our partnership, allowing us to continue product development and expansion to meet market demands in more countries. It also demonstrates their commitment to our goal of building a global agricultural marketplace—one that is transparent and fair to producers—and brings it one step closer to fruition.”
Medici Ventures, Overstock.com’s wholly owned blockchain accelerator, was founded in 2014 with a mission to change the world by accelerating the adoption of blockchain technology, in order to fundamentally change the way in which we transact. Medici Ventures’ keiretsu of companies are introducing blockchain technologies to industries such as identity, land governance, money and banking, capital markets, supply chain, and voting. Medici is also committed to increasing public awareness and understanding of the use cases for and corresponding value of blockchain technology, and does so through public engagement and policymaker outreach.