GrainChain completed its $8.2 Million Series A in early March, and in short order, announced that it would open its blockchain network for business in Mexico, Honduras, and the United States.
12,000 new members are subscribed and are waiting to be on-boarded in 2020 to the system from emerging economies, like Honduras. Grainchain’s service expedites agricultural settlement payments to farmers and suppliers while providing the immediate availability of commodities to buyers.
Luis Macias, Chief Executive and Founder of GrainChain, has been adding new members to his network, now trading 24 different dry grain commodities with 1,284 members in the U.S., 870 in Mexico, and 800 in Honduras. “We help small farmers cut-out the middleman and earn more from their crop.”, Mr. Macias said. “Our payment rails can also reach all commercial banks in the U.S.”
A problem for small farmers is that the price they are quoted may not be what the finally see as payment. Several variables interact with their supply chain, where the quality of grains becomes open for interpretation and unknown risks. For example, a farmer may have access to one or two grain elevators because of transportation constraints. Another example, a farmer’s price quote can change because he cannot enforce his original price in a dispute.