NEW YORK, March 27, 2020 /PRNewswire/ -- GrainChain, the
blockchain platform for the agricultural business ecosystem, plans
to globally expand and scale its operations by moving to the
Symbiont enterprise blockchain platform,
Assembly™. Assembly provides the robust
privacy features, and seamless scalability GrainChain needs to meet
the demands of their current and future markets.
With established operations in Texas, Honduras and Mexico, GrainChain plans to rapidly expand its
value proposition to the numerous countries whose agricultural
economies could benefit from better technology. GrainChain uses
smart contracts to empower low-income farmers with accelerated
payments, which may be critical for struggling farming businesses.
Previously on Hyperledger Fabric, GrainChain needed to move to a
more scalable network with full enterprise-level support that would
allow for easier global growth.
"Our mission has always been to help support farmers around the
world," comments Luis Macias, Chief
Executive and Founder of GrainChain. "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."
By moving to the Symbiont network, GrainChain has seen a
substantial improvement in platform performance and privacy
features, allowing them to drastically increase the number of
farmers, buyers and grain elevators being serviced. Already working
with over 20 different commodities, GrainChain plans to continue
adding new commodity types to its platform. GrainChain recently
closed a funding round of $8.2m, led
by Medici Ventures, the wholly owned blockchain subsidiary of
Overstock.com (NASDAQ:OSTK), which has also invested in
Symbiont.
Jonathan Johnson, President of
Medici Ventures and CEO of Overstock, says, "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."
Symbiont is an enterprise fintech creating the next generation
of financial markets infrastructure using blockchain technology.
Symbiont works with leading institutions such as Citi, Nasdaq,
Ranieri, and Vanguard.
"GrainChain's mission to empower farmers is one that we truly
believe in," comments Daniel Truque
from Symbiont's Alternative Assets team. "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."
About GrainChain
GrainChain's innovative platform
using blockchain, IoT and advanced logistics systems expedites
agricultural settlement payments to farmers and suppliers while
providing the immediate availability of tradable commodities to
buyers.
About Symbiont
Symbiont is the enterprise fintech company creating the next
generation of financial markets infrastructure using blockchain
technology. Assembly™, Symbiont's enterprise blockchain platform,
creates efficiencies, eliminates manual data replication and
reconciliation processes, and enables real-time data sharing with
complete privacy. The world's leading financial services firms,
including Citi, Nasdaq, Ranieri, Templum and Vanguard, choose to
work with Symbiont to solve their toughest business problems. With
offices in New York and
Amsterdam, Symbiont is led by a
team of experts in capital markets and blockchain technology. To
learn more about Symbiont, please visit symbiont.io or contact the
team at info@symbiont.io.
About Medici Ventures
Launched in 2014, Medici
Ventures is a wholly-owned subsidiary of Overstock.com, Inc.
created to leverage blockchain technology to solve real-world
problems with transparent, efficient, and secure solutions. Medici
Ventures has interests in a global keiretsu of
groundbreaking blockchain-focused companies focused on building the
foundation of a technology stack for civilization. Medici Ventures'
companies are introducing blockchain technology to industries
including identity, land governance, money and banking, capital
markets, supply chain, and voting. The company's majority-owned
financial technology company, tZERO, executed the world's first
blockchain-based stock offering in December
2016.
About Overstock
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital
Voting Series A-1 Preferred Stock (Medici Ventures' tZERO
platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online
retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce
website sells a broad range of new home products at low prices,
including furniture, décor, rugs, bedding, home improvement, and
more. The online shopping site, which is visited by nearly 40
million customers a month, also features a marketplace providing
customers access to millions of products from third-party sellers.
Overstock was the first major retailer to accept cryptocurrency in
2014, and in the same year founded Medici Ventures, its wholly
owned subsidiary dedicated to the development and acceleration of
blockchain technologies to democratize capital, eliminate
middlemen, and re-humanize commerce. Overstock regularly posts
information about the Company and other related matters on the
Newsroom and Investor Relations pages on its website,
Overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution, and
Worldstock are registered trademarks of Overstock.com, Inc. Other
service marks, trademarks and trade names which may be referred to
herein are the property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact, including but not limited to
statements regarding Overstock's expectations regarding Symbiont
and GrainChain. Additional information regarding factors that could
materially affect results and the accuracy of the forward-looking
statements contained herein may be found in the Company's Form 10-Q
for the quarter ended December 31,
2019, which was filed with the SEC on March 13, 2020, and any subsequent filings with
the SEC.
SOURCE: Overstock.com, Inc.
CONTACT:
Binna Kim,
symbiont@fullyvested.com
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SOURCE Symbiont