AgriDex Facilitates First Agricultural Trade on Solana, Speeding Payments and Cutting Costs for South African Vineyard

Real-world asset based on Solana, the real-world assets (RWA) marketplace AgriDex, applied cross-border agricultural trade between a South African producer and an importer in London.

For over two hundred bottles of the extra virgin olive oil and many cases of wine owned by a farm and vineyards in South Africa the importer paid for the shipment.

From this announcement, it is revealed that AgriDex offered to make the trade payment through the Solana blockchain and they charged 0. the mandate; therefore, the cost of each trade shall be distributed as 15% to each side of the trade. However, old school payment procedures attract high charges from both the buyer and the seller.

It is more effective than standard systems used in cross-border trade pertaining to Solana.

Seeing this reduction in transaction and remittance costs, as well as faster settlement times, Adrian Vanderspuy, owner and CEO of Oldenburg Vineyards, said:Seeing this reduction in transaction and remittance costs, as well as faster settlement times, Adrian Vanderspuy, owner and CEO of Oldenburg Vineyards, said:

The funds were credited to our AgriDex account in a matter of seconds instead of days, and the fees were 5 British pounds ($6. 45); we look forward to developing our cooperation and listing even more of our stock on the blockchain.

The Solana-based marketplace eliminates multi-currencies, multiple legal systems and paperwork by tokenization of agricultural contracts as co-founder and CEO at AgriDex, Henry Duckworth described to Cointelegraph at the time.

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In addition, it thereby means that if more settlements are made using onchain, the resulting saving can be passed to the producers. Duckworth explained:

“Today, the many of the world’s farmers are paid low and the effect of trade on the environment is uncertain. It is the primary goals of the Agridex system to provide better and profitable aids for farmers and give the financing by the declared trade flows.

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