Coffee goes onchain as Agridex settles first-ever transaction on Solana
Real-world asset tokenization could become a multitrillion-dollar industry by 2030, according to Boston Consulting Group.
Solana-based real-world asset (RWA) platform Agridex has facilitated its first onchain coffee trade, a move it said could open the door to more cost-effective agricultural commodity transactions.
The transaction was executed by Tiki Tonga Coffee, a United Kingdom-based coffee brand, which exported premium coffee from its home country to South Africa. The payment was made in South African rands and settled in British pounds using the Agridex blockchain.
Tiki Tonga claims the transaction only carried a 0.5% transaction fee, which is a fraction of the 5%–7% fee on typical cross-border transactions involving agricultural commodities. The settlement was also instant, versus the typical five-to-12-day turnaround times using traditional systems.
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Author: Sam Bourgi
