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Medici Ventures, the blockchain venture arm of Overstock.com (NASDAQ:OSTK) 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.