Argentine startup launches soybean-backed cryptocurrency
Used as parameter for years by rural producers for purchases, business or expenses calculation, soybean has now become "officially" a currency. Or rather, a cryptocurrency. The Argentine startup Agrotoken launched this month Soya, the first grain-backed digital currency and started the process of tokenization of the first tonnes of the commodity in an innovative and previously unheard-of process in the world. The technology is expected to be available soon in Brazil.
The initiative allows farmers to transform a physical asset into a digital one. For this, they deliver the production to a trading company or warehouse, for example, which generate a certificate. Submitted to the Agrotoken platform, the proof of the existence of the physical product is converted into a digital asset, with the issuance of the equivalent amount in Soya cryptocurrencies, also called stablecoin. For each digital soy token there is one tonne of real soy stored in a warehouse.
From this conversion, the producer can negotiate these values or profit from the high price of soybean in the market - and anyone in the world can invest in these assets in a simple and safe way.
Founded less than a year ago, Agrotoken aims to tokenize 5% of the global soybean production. By the end of 2021, the company expects to reach 150,000 tonnes. Since last week, more than 100 tonnes of soybean produced by Adecoagro (which has operations in Brazil) and other groups in the Province of Buenos Aires, such as El Boyero, Espartania and La Fe Vieja, have been digitized on the platform. With the beginning of the harvest in Argentina, in April, the expectation is that another 500 tonnes will be transformed into digital assets, also in the Provinces of Santa Fé and Pampa.
"Our purpose in the market is to make things easier for the producer, generate more business and democratize investments, so that anyone can invest in...
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