A steaming cup of freshly brewed coffee sits on a rustic wooden table surrounded by aromatic coffee beans

Key Takeaways:

First On-Chain Coffee Trade: Agridex, a Solana-based platform, completed its first on-chain coffee trade, enabling instant, low-cost transactions between the UK and South Africa.
Cost & Efficiency Gains: The trade was settled with a 0.5% fee (vs. the typical 5%-7%), highlighting blockchain’s efficiency in reducing costs and speeding up settlements.
Broader Applications: Agridex supports other commodities like wine and livestock, showcasing blockchain’s potential to transform agriculture with transparency and reduced reliance on intermediaries.

Solana-based platform Agridex has revolutionized agricultural commodity trading by completing its first on-chain coffee trade.

UK-based Tiki Tonga Coffee exported coffee to South Africa, settling payments in British pounds and South African rands entirely via blockchain.

COFFEE GOES CRYPTO—SAVINGS YOU CAN SIP ON!

Agridex on Solana facilitates its first coffee trade: faster settlements, 0.5% fees, and zero paper chaos.

Tiki Tonga Coffee saves big shipping from the UK to South Africa. Livestock and wine, you’re next!

This is the trillion-dollar… pic.twitter.com/ekBi4s6e0r
— Mario Nawfal’s Roundtable (@RoundtableSpace) December 25, 2024

This innovative transaction cost only a 0.5% fee, a drastic reduction from the typical 5%-7% fees in traditional systems, and was settled instantly compared to the usual five-to-12-day processing time.

Agridex’s platform supports a range of agricultural commodities, including livestock, wine, and olive oil, with $4.5 billion in pending transactions.

By tokenizing real-world assets (RWAs), Agridex simplifies trade processes, reduces inefficiencies, and bypasses intermediaries.

This not only saves costs but also enhances transparency and sustainability within supply chains.

Brad Barritt, founder of Tiki Tonga, highlighted the advantages of lower fees and reduced administrative burdens.

Agridex’s CEO, Henry Duckworth, emphasized blockchain’s potential to reshape agriculture by improving accessibility and transparency.

With agriculture contributing 5.5% to the U.S. GDP and U.S. farmland valued at over $3 trillion, blockchain solutions like Agridex could transform global agricultural markets, creating a more inclusive and efficient industry.

This milestone marks a promising step toward modernizing agricultural trade through blockchain technology.