Convergencia Research, Consultoría especializada en Latinoamérica y Caribe
Monday, March 22, 2021

Agrotoken creates world's first soy-backed cryptocurrency

Last week this platform for the tokenization of agricultural commodities and food completed the first operation of its kind in the world. The firm, of Argentine origin and made up of 15 collaborators, created the first stablecoin (cryptocurrency backed by an agricultural commodity) called “SOYA”. In the future, others of corn and wheat will follow, as Gabriela Roberto Baró, CEO of Agrotoken, told Convergencialatina.

Each SOYA token is equivalent to one ton of soybeans. Pioneering producers to tokenize their harvest will make a 3% annual profit on the USDC stablecoin. This decision has to do with the company's focus during the first year of operation: tokenize 100,000 tons of soybeans, which will allow it to inject US$33 million into the crypto market.

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