More than 200 bottles of olive oil and several cases of wine from South Africa were sold through the RWA platform AgriDex and shipped to London. This was the first cross-border trade transaction in the agricultural products market using tokenized assets.
The Block reported that the first-ever cross-border agricultural commodity trade transaction was executed on a public blockchain network using real-world asset (RWA) tokens.
The transaction was done through the agricultural RWA platform AgriDex, which operates on the Solana blockchain. South African company Oldenburg Vineyards sold over 200 bottles of olive oil and several cases of virgin wine to British importers as part of the trade transaction.
The transaction fee was reportedly 0.15% on each side — £5 (~$6.45). Funds for the goods arrived in the AgriDex account almost instantly rather than within a few days, as happens when traditional banks process transactions. According to Adrian Vanderspuy, Owner and CEO of Oldenburg Vineyards, utilizing the RWA platform to trade the company’s produce significantly reduced transaction costs and provided quick access to capital, positively impacting the company’s productivity.
AgriDex is a blockchain platform for tokenizing agricultural commodities, raw materials, and other assets. In May, the company raised $5 million in seed funding from Endeavour Ventures, African Crops Limited, and Hank Obero, Goldman Sachs ex-Executive. This September, AgriDex plans to issue the AGRI native token and its subsequent listing on several crypto exchanges. The platform is expected to generate revenues of £1.5 million (~$1.93 million) in 2025.
Tokenization of farmland and agricultural products in Africa is becoming increasingly popular. Authorities in Lagos, a southern state in Nigeria, expanded funding for local farmers through tokenization of the agricultural sector back in 2022. The CAR government started tokenizing land and natural resources in 2023 as part of the state-owned Sango initiative. In 2024, the blockchain platform for farmers Farmsent improved transparency in the supply of agricultural products through the use of DePIN technology.
