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Overstock's Medici Ventures Acquires Stake in Agricultural Blockchain Firm | Cell Phone Spy and Mobile Tracking Software
Medici Ventures now has a 10 percent stake in agricultural blockchain firm GrainChain, with the option to acquire an additional 10 percent. Medici Ventures, the blockchain venture arm of Overstock.com Inc., has purchased $2.5 million in equity in agricultural blockchain project GrainChain, according to a press release shared with Cointelegraph Dec. 4.Founded in 2003, GrainChain has developed a blockchain-powered system that enables supply chain parties to track the distribution process of harvests. GrainChain's blockchain-based financial settlement system allows producers, buyers and sellers to create smart contracts in order to secure funds throughout the grain transaction process.The firm states that their system provides a platform, by which small and medium-scale farmers can conduct business outside of their immediate geographic area and cut out middlemen. With the purchase, Medici Ventures now has 10 percent ownership in GrainChain, with the option to further acquire an