FinTech: Agrotoken Backs Its Visa Alliance With Blockchain For Agro-Focused Card

July 12, 2022 | Digital Assets, FinTech, News
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The card is envisioned as a method that enables agricultural producers to use their grains as a form of payment.

Agrotoken, which is developing a tokenized infrastructure for trading agro-commodities, announced Monday its partnership with Pomelo (a provider of technological infrastructure for financial services) and Algorand (a layer-1 blockchain) to develop a card for the agrocommodity sector. Agrotoken previously entered an alliance with Visa (NYSE: V) to create a payment method allowing agricultural producers to use their grains as a form of payment through a card. (CISION PRNEWSWIRE)

Agrotoken has selected Pomelo for the infrastructure to issue, distribute and process the payments made with the card, which will soon be supported in any store that accepts Visa.

The Algorand blockchain will make all operations transparent, fast, secure, with high scalability and low energy consumption, as it has been built focusing on sustainability in order to minimize the environmental impact.

Agrotokens

Agrotokens are tradable digital assets backed by grain. Their value is linked to the price of the grain; 1 Agrotoken equals 1 ton of grain that the agri-producer delivered for storage.

Proof of this delivery is obtained through via a “Proof of Grain Reserves” (PoGR), a transparent, safe, decentralized and auditable system at all times.

The Agroken runs on a multi-chain security infrastructure powered by Ethereum, Polygon and Algorand blockchains.

With their grain now transformed into a digital asset, the agri-producer will have access to real time grain price indexes and obtain loans by collaterizing the asset. Soon, they will be able to pay expenses through a linked card.

Agrotokens for soy (cryptosoja, SOYA), corn (cryptomaíz, CORA), and wheat (cryptotrigo, WHEA), are the the first cryptoassets collateralized by grains for saving and exchanging assets.

Disrupting agri-finance and payments

Issuing physical and digital cards, which follow Visa standards, enables the use of financial tools and products, which are tied to Agrotokens for the processing of FIAT transactions.

“Integrating Pomelo and Algorand into this existing partnership with Visa shows the versatility of our cryptoassets. Agrotoken is here to change the agricultural sector, not only in Argentina, but in the whole region,” said Eduardo Novillo Astrada, Agrotoken CEO and co-founder.

“The use of agro-commodities as a payment method is a very disruptive development and a clear example of digitalization and transformation in an industry as traditional and important as agriculture,” stated Gastón Irigoyen, Pomelo CEO and co-founder.

Related Story: Indian Agtech Arya.ag Launches BNPL For Agri-Produce Buyers

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