Solana-Based RWA Platform AgriDex Taps Stripe's Bridge to Lower Cost for Agricultural Trade Settlements

AgriDex is an example of how stablecoins are being increasingly used as a payment vehicle in emerging regions as a cheaper alternative for traditional banking rails.

Solana-based (SOL) real-world asset (RWA) marketplace AgriDex is now using stablecoin platform Bridge to lower the cost and increase the speed of transactions for agricultural businesses, the company told CoinDesk in an exclusive interview on Monday.

The integration will allow buyers and sellers of agricultural commodities and products to use AgriDex as a cross-border payment and settlement venue using Circle’s (CIRC) USDC (USDC) stablecoin on the Solana (SOL) network, said Henry Duckworth, co-founder and CEO of AgriDex.

"We're integrating Bridge to provide lower-cost onramp and offramp for buyers and sellers of agricultural commodities and products to use AgriDex as a cross-border payment and settlement venue using USDC on Solana. Buyers and sellers don't even need to hold crypto, they can initiate and receive transactions in their local currencies, using blockchain tech and USDC as an intermediary."

The move comes after Stripe acquired Bridge for $1.1 billion earlier this month, expanding the payments processor giant’s capabilities to stablecoins. Stablecoins are being increasingly used as a payment vehicle in emerging regions as a cheaper alternative for traditional banking rails.

"This collaboration highlights the power of stablecoins to solve real-world challenges in global markets,” said Zach Abrams, co-founder and CEO of Bridge.

Growing up in Zimbabwe where waves of currency devaluation plagued the country’s economy and his experience as a commodities trader at trading behemoth Trafigura inspired Duckworth to build AgriDex to streamline cross-border payments for agricultural goods producers.

On AgriDex, agricultural producers can list, execute and settle trades tracking the whole process within the platform. Trades are secured with non-fungible tokens (NFT) containing details of the transaction.

"We are building the plumbing for the world's agricultural markets. AgriDex is a B2B marketplace that connects buyers and sellers of grains, oilseeds, pulses, and other agricultural commodities to execute trades on-chain. We are starting with Solana and USDC, but the goal is to integrate with multiple layer 1s and stables over time."

While traditional banking payment rails usually cost 2%-4% in fees when producers export their goods and can take multiple business days to settle, AgriDex lowers fees to around fifty basis points, Duckworth said.

The company raised $5 million in venture capital from Endeavour Ventures, sub-Saharan African agricultural group African Crops and South African vineyard group Oldenburg Vineyard earlier this year.

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