This article is from www.blocknews.com.br and the original article can be read here in Portuguese
Blockchain technology is increasingly approaching the world of thriving global agribusiness. A partnership between Argentine startup Agrotoken and Visa will allow farmers to pay for their purchases with soy, wheat or corn tokens.
Created in 2020, Agrotoken is the first global agricultural commodity tokenization platform. Your stablecoins are soya, cora and whea, backed by soy, corn and wheat respectively.
Grain is stored with partner trading companies and certificates are issued. For each soya, for example, there is one ton of real soy in storage. In addition, validation is through the so-called Proof of Grain Reserve (PoGR).
Thus, with the partnership with Visa, rural producers will have access to the global network of more than 80 million establishments that accept the brand.
Expansion in Brazil
The initiative, however, is not the first of Agrotoken. That’s because in March, in a partnership, Santander in Argentina has already started to accept cryptoassets as collateral for loans for the harvest. According to Agrotoken co-founder Eduardo Novillo Astrada, the company and Santander worked together to create easily accessible financial products. This happened through a credit system backed by tokenized grains.
By the end of 2021, Agrotoken had raised $5 million. The round included Algorand Investment, Xperiment VC, Barn, ByMa, Bordeless Capital, Newtopia, among other investors.
In addition to consolidating operations in Argentina, Agrotoken will use the capital for expansion in Brazil and also in the United States in 2022.
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