Overstock's blockchain accelerator, Medici Ventures, appear a global expansion of the distributed ledger technology (DLT)-powered agritech platform GrainChain.

Medici Ventures published a press release on March 27 announcing that GrainChain'southward expansion will be executed in collaboration with fintech company Symbiont — with GrainChain set to transition from HyperLedger Fabric to Symbiont's enterprise blockchain platform, Assembly.

Medici is a shareholder in both GrainChain and Symbiont.

Medici Ventures plots global expansion of GrainChain

GrainChain seeks to speed upwards and remove friction capital circulation in the agricultural market through the use of smart contracts. Farmers tin can also rail their produce equally information technology moves through the supply chain on a per-crate footing — reducing the gamble of theft and abuse.

Overstock CEO and Medici Ventures president, Jonathan Johnson, describes the partnership between Medici's keiretsu companies as "working to eliminate middlemen, democratize upper-case letter, and re-humanize commerce through the use of blockchain engineering."

14,000 farmers currently use GrainChain

The firm claims that roughly 14,000 farmers currently apply its smart contacts — including nearly 1,300 U.South. based users, almost 900 in Mexico, and 12,000 in Honduras. GrainChain estimates that it has candy more than 2.6 meg tons of produce on its platform.

The house's migration to Assembly is expected to bolster the agritech platform'southward speed, privacy, and facilitate scaling. Medici hopes that GrainChain will launch in several new countries earlier 2022 — with Johnson eying South and Primal America.

"GrainChain's goal is to continue to grow into new countries to help back up farmers around the globe, and Symbiont's blockchain platform is the solution that will help us achieve that goal," said GrainChain's chief executive and founder, Luis Macias.

Macias added that the funding will be used to "continue product evolution and expansion to meet market demands in more countries."

Medici Seeks to Invest in Blockchain-Based Nation-Building Platforms

Medici Ventures appear that it had caused an additional $5 million of equity in GrainChain on March half-dozen after leading an $8.2 1000000 funding round. The venture firm had previously invested $2.5 meg in late-2018.

Medici's GrainChain invests align with the business firm'due south plan to develop a blockchain-based suite of national-building products and services for emerging economies.

In 2022, analytics business firm Markets and Markets predicted that the global blockchain-based agronomical market will exist worth most $430 million by 2023.