Agridex said the first on-chain farmland transaction in the Solana network was successfully completed.
The transaction consists of a $165,000 land purchase in Zambia. The purchase was resolved quickly using Agridex’s digital payment system. Agridex is a Solana (SOL)-based platform focusing on real-world assets, focusing on the global agriculture industry.
The payment was transferred from the buyer to sustainable agricultural development in Mauritius. This is a real example of how blockchain can drive cross-border transactions, making large transactions faster and faster.
By comparison, standard bank transfers can take several business days at high cost to complete. By using Solana’s infrastructure, known for its rapid machining and low cost, Agridex offers an alternative model to promote agricultural trade.
“We’re looking forward to seeing you in the future,” said Henry Duckworth, co-founder and CEO of Agridex. “This sets precedents to improve how agricultural properties are exchanged and funded.”
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The 2.7 trillion dollar industry
Agridex says it is preparing to process an additional $2.6 million farmland deal in the coming weeks. The company also claims that by using the platform, partners save more than $40 million per year in transaction-related costs.
This latest trade is based on previous Agridex transactions, including goods such as olive oil, wine, coffee and livestock. The platform’s goal is to reduce inefficiencies that continue to impact the $2.7 trillion agricultural sector, including slow settlements, high fees and complex banking processes.
Agridex argues that by reducing intermediaries and allowing faster access to capital, blockchain can play a broader role in improving how farming operations operate across borders.
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