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Published on Monday, 04 June 2018

Blockchain gets funding boost, eyes cotton sector

Written by John Mowbray

DENVER – A start-up company which uses blockchain technology and AI to bring greater transparency to the coffee industry has closed another US$2.15 million in additional seed funding as it looks to diverse into new areas of agriculture such as cotton.

SKS Ventures led the seed-funding round, with participation from Fashion for Good partner Plug and Play Ventures, to take Bext360’s overall funding past the US$3.35 million mark. The company’s software keeps track of commodities such as coffee by identifying and grading beans and using an electronic token using the Stellar blockchain network.

The current technology will need modifying to work with cotton fibre batches that need to be graded and sorted automatically to calculate payment for farmers which can then be transferred instantly.