GFC-Greek Food Corridors: We are the Next Generation electronic Auction infrastructure in Greece for Fruit & Vegetables and Olive Oil, synchronized with a Commodity Exchange market for Futures contracts based on Fiat and crypto-currency.
We are Greece’s first official ICO (Initial Coin Offering) with a hard cap of €25,000,000. We have a real proven working model (e-auction houses) and are currently through our ICO.
What is your background briefly? Does it seem like a logical background to what you do now?
I am originally from Brussels Belgium, where I lived & studied for many years due to my parent’s professional engagements at the European commission, before settling in Athens, Greece.
I have been an entrepreneur since 1995, representing various International companies in different fields, starting from the medical sector, private and public. I had the opportunity all along these years to acquire experience in marketing & product development, International trading, Start-ups and Sales, accounting and logistics, as well as negotiation.
1 min pitch for what you are doing now?
We have been involved in this project for the last three and a half years, representing in the region aucxis Belgium with its proven technology in the segment (80% of the EU Market in electronic auction houses for fresh commodities). On that base, we made a deep market analysis on the present situation in the Agri-sector and acquired a good view of the fruit and vegetable market in Europe and Greece;
Analyzing the problems faced by the Greek agricultural community and comparing the Greek market structure and methodology to the European one, we decided together with Aucxis Belgium and market professionals to proceed with market automation at European standards and export orientated, at the benefit of all market stakeholders.
At the moment, we are conducting GFC ICO, working on the marketing and project awareness in order to communicate and inform potential contributors and partners about GFC project and future perspectives. GFC Token has just been listed on Ethen DEX market, which is an important step as well for our contributors, and we are preparing our software/hardware order to our technological provider, aucxis Belgium, in order to proceed with the implementation of the first phase of our project. Our aim is GFC to be testing & pilot operational during June-July, and fully operational from September on.
Why did you get involved with this ICO?
ICOs (Initial Coin Offering) are an incredibly new way of raising money.
Digital currencies and contracts (Tokens) have many benefits, and give a great deal of freedom and flexibility to a company. In offering tokens of our own creation, we are able to raise cash for our continued growth and development, and we are not bound by the traditional requirements of paperwork and documentation that would be necessary for a sale of public securities, bypassing the intermediary process of going through banks or venture capital firms.
GFC decided after thorough analysis that there is added value on the long run by integrating
crypto-currency and Blockchain in our supply chain as well. See, the blockchain technology on which cryptocoins are based could help financial markets become more efficient. “Smart Contracts” could limit the need for mediators. The “underbanked” companies and population will have access to new financial tools.
With blockchain records we can reflect a product’s geographic flow and how it was treated; we can examine sources, investigate industry certifications, and discover storage-condition anomalies and more. IBM blockchain has already done a lot in this sector, and we are looking forward to explore with them as well our e-auctioning project, bringing a lot of experience and industry know how in the Greek supply chain.
Digital currencies fit also very well into our long term business plan, as we would like to integrate into our Daily Clearing and Settlement procedure crypto-currencies, like Etherium and BTC, as well as financial tools available from “digital Banking” companies like Cashaa, Populous, Invox finance, messenger bank, who are offering financing tools like reverse factoring or ledger upon lots, giving hope for a world in which businesses using digital currencies will co-exist with traditional banks, and at the same time ensure to the Sellers on our platform seamless and daily clearing of transactions.
The aim of GFC ICO is to raise the necessary finance in order to implement the project. Revenues generated from the crowd Token ICO are allocated to the Company for initial CAPEX & OPEX, installation, development & financing of the new infrastructure.
GFC Token value is based on the Etherium platform; therefore its value fluctuates based on the actual Etherium cryptocurrency value.
GFC project is a valuable long term project that can support its Token to perform better and better each year. Therefore, there is value in holding it (=dividend share, inflation benefits).
Why do you think it is such a powerful idea?
There is a strong need for innovation & collaboration in the Agriculture sector in Greece due to its long time market pathogenesis and the “monopolistic” problems faced by the Farmers.
In Greece, most producers cultivate small land, except for a few exceptions. These producers are interested in co-operating under one single administration and marketing their products through electronic auctions. The gap in product prices through this process will be reduced and farmers, as well as the consumers at the final level will benefit. The distribution of products will be easier through our organization, bringing incentives to engage in farming. The creation of on-line support infrastructures such as warehouses / standardization near production sites (Terminals/HUB) will also encourage the direct participation of all farmers from different geographical areas in the e-auction platform.
The auction clock is an instrument which will find the correct market price, a price discovery mechanism based on actual demand. This is unknown in Greece at the moment and can change a lot when introducing into the market.
GFC infrastructure is providing a real solution to the Agricultural sector and the farmers of Greece, bringing supply and demand together in a transparent and fair way, and securing product flow and a correct price for both the suppliers and buyers. The new infrastructure will guarantee that growers are correctly paid and treated, and that buyers will receive day in day out quality products.
Such an attempt will rationalize the value chain of Greek agricultural products, enhance transparency in trade, bringing the producer closer to the final buyer, offering him individuality (equal power), liquidity (product flow), product homogeneity (quality standards & quantity) and will consolidate and improve product prices across the supply chain.
Regional production and marketing co-operations through GFC e-Trading auction platform will be promoted.
A big advantage of the new infrastructure, especially for the small and medium-sized farmer’s cooperatives and Group of Producers, is the fact that they will be able to negotiate directly with buyers, both at a national and international level, under the same conditions as larger companies. The new platform will facilitate the task of finding buyers or sellers to negotiate simultaneously and in real time on the trading screen. The members will be able to benefit from economies of scale as well as marketing and from direct access to International markets.
It is important also to point out the added value of GFC project on the long run, as GFC (in cooperation with ATHEXGROUP stock exchange) aims to regulate the Greek Agricultural commodities market by providing the “Spot” market infrastructure for a Commodity exchange market for Futures Contracts. The pilot contracts will be based on the underlying Olive Oil commodity, as there is enough volume & interest by the operators of the physical market (professionals), who understand the significant advantages in being part of the olive sector Futures market in Greece.
GFC is a unique project in Greece at this point in time, bringing a real revolution for the Greek primary market. No other ICO is offering an e-auction platform for vegetables, Fruits & olive oil, nor has any e-auction networked with the production & consumption sites been implemented in Greece.
From that stand point, you could say that opportunity is here.
With a customer base that spreads worldwide, there is no doubt that GFC project & token will be a worthy long term contribution.
How can people find out more about 1. The ICO 2. you & your work?
For more information and detailed analysis on GFC project, kindly refer to white paper on GFC portal. You can also look at some of our interviews & reviews on CCN , business show case on irishtechnews, FreshPlaza, Applancer, and other well known e-portals.
How can people contact you & learn more about you?
For people interesting in participating/partnership into our project, ask questions or learn more about me and GFC team pls contact us at:
Thank you for your time, pls enjoy the benefits of e-auction Agriculture Trading!
Dimitri Haritos, President // CEO GFC E-AUCTIONS