Agricultural commodity blockchain platform GrainChain recently raised $8.2 million in a round led by Medici Ventures, the investment arm of Overstock.com. Medici contributed $5 million, with additional investment from Eden Block and other investors.
With the latest round, GrainChain’s total funding amounts to $10.7 million. Medici Ventures previously invested $2.5 million in the blockchain firm for 10% of the equity. However, the company did not disclose its current ownership stake.
GrainChain enables easy and secure payments between suppliers and farmers and provides traceability for commodities. The platform uses smart contracts to secure funds during a transaction. It makes this possible by using the Internet of Things (IoT) devices, which can monitor things such as weight and temperature of the agricultural products.
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