Medici-Backed Blockchain Firm Plans to Unite the Coffee Industry of Honduras

Agricultural startup GrainChain backed by Medici Ventures, the blockchain venture arm of online retail giant Overstock, plans to unite the coffee industry of Honduras by delivering its blockchain platform to a network of local stakeholders. 

According to the press release published on Sept. 24, the firm has signed several agreements with the aim of bringing the entire coffee supply chain of Honduras together on its blockchain platform.

By launching the initiative, GrainChain intends to facilitate multiple processes in the coffee supply chain of Honduras, where coffee has historically been one of the major export products.

Specifically, GrainChain promises to accomplish three primary goals such as growing trust between farmers and banks, improving the accuracy of data and raising the transparency.

As part of the initiative, GrainChain will provide local customers with a digital wallet to enable remote and unbanked farmers to apply for loans. Banks will be able to use GrainChain loans for small and medium size farmers, while insurance companies will use GrainChain to automate the records, the press release notes. Additionally, local farmers will have access to their commodities via a mobile app, which enables real-time monitoring of their inventory. (Positive)

Rimac’s Greyp Company Launches ETO Whitelisting

Croatian high tech mobility company Greyp, founded by Mate Rimac, has launched a public equity token offering (ETO) whitelisting on 23th September.. 

Company is looking to raise up to 4.8 million euro in capital on blockchain-powered fundraising platform Neufund. The whitelisting was launched on 23th September while presales opens on 14th of October. Also, there is a 10% pre-sale discount being offered and the equity token price is 0.1618 EUR. 

“Our vision is to use light electric vehicles, like the recently launched G6, as a development platform for all our software services. These services allow anyone to use or develop various blockchain enabled applications on top of connected vehicles, paving the way to the future of Economy of Things (EoT),” Greyp said in their pitch, before adding.

“Greyp is a high tech mobility company working on some of the worlds most progressive markets. We have already been recognized by the likes of Porsche AG and the largest Asian battery manufacturer, Camel Group.  By using blockchain technology to tokenize our shares, we give the investors a new, modern way of investing, allowing for increased liquidity in the future secondary market as well as attracting multiple like-minded individuals who share our vision of future mobility.”

At the moment of writing there are still 247 open slots to apply for whitelist. (Positive)

Bitcoin’s Price Slides $1,000 in 30 Minutes After Margin Calls at Bitmex

Bitcoin tumbled 9 percent in a half-hour on Tuesday, sending prices to the lowest in three months, in a rapid selloff even by the tumultuous standards of the cryptocurrency markets.

As of 21:50, BTC was trading around $8,600, down from a high of $9,812 over the previous 24 hours.

“Even for bitcoin, this is a pretty rare event,” said Qiao Wang, director of product at Messari, a New York-based cryptocurrency-focused data and research firm.

The price started to plunge around 18:30 UTC and stabilized around 19:00.

A trader, who wished to remain anonymous, said the price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, a Seychelles-based exchange that provides customers with 100x leverage, essentially loans to traders that multiply the size of an investment by 100 times.

A long squeeze, the opposite to a short squeeze, is a situation in which investors who hold long positions feel the need to sell into a falling market to cut their losses. This pressure to sell usually leads to a further decline in market prices.

Data from Bitfinex also shows long positions falling below -0.005 percent after BTC’s rapid price decline forced investors to close out their long positions beginning Midday UTC on Sept. 24 after prices dipped below $9,700.

While there are some investors who refute data from Bitfinex, due to low numbers and unactionable data, open interest with Bitmex’s futures market also took a hit, leading to less than enthusiastic expectations for a quick recovery in BTC’s price. (Negative)

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