The Solana-based AgriDex trading platform has implemented the first transaction related to agricultural products. Representatives of the company informed CoinDesk about this.
The agreement, which involves the delivery of more than 200 bottles of olive oil and several cases of wine from a farm and vineyards in South Africa to London, will be fully completed after the goods are delivered.
AgriDex "carried out calculations almost instantly, charging only 0.15% commission on each side," while in traditional systems "fees can be several percentage points."
"We have completed the first ever transaction on a public blockchain, and now it is on its way from South Africa to London. The funds were credited to our AgriDex account in a matter of seconds, not days, and the commission was 5 pounds," said Adrian Vanderspuy, CEO of the wine supplier Oldenburg Vineyards.
In May, AgriDex raised $5 million through investments from Endeavour Ventures, agricultural group African Crops and Oldenburg Vineyard.
The trading platform aims to transfer most of its products online in order to reduce the time it takes to receive payments, as well as the costs of transactions and transfers. In fact, the company's activity is the tokenization of "real world" assets (RWA).
"With every 1% of global trade in which we participate, billions of dollars are saved, and millions of people benefit," said Henry Duckworth, co—founder and CEO of AgriDex.
Previously, the total amount of assets under management of the BlackRock USD Institutional Digital Liquidity (BUIDL) tokenized fund exceeded the $500 million milestone. It is backed by U.S. Treasury bills, REPO agreements and fiat currency. The number of holders of the fund's security tokens has reached 17.
Recall that McKinsey analysts estimated the capacity of the RWA market at $1.9 trillion by 2030. In a more optimistic scenario, this value may be twice as high.