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GrainChain adopts Symbiont’s blockchain platform for global expansion

GrainChain, blockchain platform provider for the agricultural business ecosystem has announced its plan to expand globally and to scale its operations by shifting to the Symbiont enterprise blockchain platform, Assembly.

Symbiont is an enterprise FinTech building next generation of financial markets infrastructure using blockchain technology. GrainChain with Symbiont’s Assembly is planning to enhance its privacy features and scalability to meet the market’s demands. The company was previously working on Hyperledger Fabric.

“Our mission has always been to help support farmers around the world. By pulling the agriculture supply chain onto blockchain technology, we’re helping every participant in that ecosystem — from farmers to bankers to grain elevators — get fairer value, faster payment and a bigger participant pool. We cannot be constrained by technology — which is why we moved to the Symbiont network. Symbiont is the blockchain engine that will help power our global vision,” said Luis Macias, Chief Executive and Founder of GrainChain.

GrainChain uses smart contracts to empower low-income farmers with accelerated payments. The shift to Symbiont network has shown improvement in platform performance, and privacy features, allowing them to increase the number of farmers, buyers and grain elevators being serviced. The company also has plans to add new commodity types to its platform.

“GrainChain’s mission to empower farmers is one that we truly believe in. The Symbiont platform was purpose-built for this kind of global scale. Around the world, the agricultural supply chain is plagued by inefficiency and lack of digitization, which is keeping money out of farmers’ pockets. It’s time we change that,” said Daniel Truque from Symbiont’s Alternative Assets team.

GrainChain has established operations in Texas, Honduras and Mexico. The company has recently closed a funding round of $8.2m, led by Medici Ventures, the wholly-owned blockchain subsidiary of Overstock.com which has also invested in Symbiont.

“These are two powerful, purpose-driven companies coming together to bring important technology to the global agricultural community. We have ownership in both GrainChain and Symbiont because we believe in their underlying value propositions and advanced technology and the potential impact they will have on the verticals and countries in which they do business,” said Jonathan Johnson, President of Medici Ventures and CEO of Overstock

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