AgriDex, a Solana-based agricultural marketplace, says it has processed more than $9 million in stablecoin-powered trades so far as it seeks to bring blockchain payments to the $2.7 trillion global agricultural market.
The milestone comes after a $1.5 million cross-border deal in grain and fertilizer was completed on the platform by African agricultural commodity trading firm Graintrade, covering Zimbabwe, Mozambique, and South Africa, AgriDex told The Defiant.
“Agricultural businesses across Africa are constrained by inefficiencies, which tie up working capital and erode margins. By enabling instant, low-cost settlement, AgriDex gives producers and traders in developing markets like Africa the help they need to grow,” said Henry Duckworth, AgriDex’s CEO.
Settled in Circle’s USDC stablecoin, the trade skipped the usual three- to five-day banking delays and high banking fees that come with standard cross-border payments. Graintrade CFO Morkel van Tonder said the ability to move $1.5 million the same day “is transformative for regional agri-trade.”
Speaking with The Defiant, Duckworth explained that farmers and traders “don’t need any prior experience with crypto to use the platform,” adding that from their perspective, it’s a “simple trade platform where they can trade and settle instantly in stablecoins, without having to interact with technical blockchain processes.”
On-Chain Agriculture
Based in London, AgriDex offers services across seven African markets, including Kenya, South Africa, Zambia, Botswana, Nigeria, and Mauritius. While Africa is AgriDex’s primary focus today, the company is also preparing to expand into Latin America and Central Asia, with rollouts planned to begin in Q2 2026, Duckworth revealed.
“Both regions face similar challenges around cross-border trade, high fees, and slow settlement, so we see strong potential to replicate our model there,” he explained.
This isn’t AgriDex’s only on-chain trade. In July 2024, the platform also executed a trade on Solana, covering the shipment of more than 200 bottles of olive oil and cases of wine from South Africa to London.
Beyond executing trades in stablecoins, Duckworth says the platform provides support for “hedging against fluctuations in local African currencies by offering yielding stablecoin accounts.” AgriDex’s CEO explained:
“This gives traders a reliable dollar-backed option to preserve value, while still enabling them to manage liquidity needs across multiple currencies.”
In December 2024, AgriDex raised $4 million in a strategic funding round led by Portal Ventures. The funding involved equity and token investments and gave the Solana-based startup a post-money valuation of $28.5 million.
