Agrocoin

Mexico Introduces Cryptocurrency Backed by Habanero Pepper

Mexico Introduces Cryptocurrency Backed by Habanero Pepper

 

A cryptocurrency named Agrocoin is now giving buyers a chance to invest in some of the world’s spiciest peppers. crypto

Mexico’s Amar Hidroponia, which grows only habanero chilis, started selling digital tokens in September of last year as a way to raise capital from investors. Each 500 peso ($27) Agrocoin is backed by a square meter of hydroponic production in Quintana Roo state. The company says it expects to pay a yearly dividend equal to about 30% of the cost, depending on output and demand.

“We had a lot of people who wanted to invest, however with less money,” company President Rodrigo Domenzain said in an interview from Leona Vicario, a town about 25 miles southwest of Cancun.

“Agrocoin allows us to have a new investment product backed by actual agricultural goods.”

The small peppers are an integral part of Mexican cuisine — particularly in the Yucatan Peninsula where Quintana Roo is located. Agrocoins can be bought on the company’s website, and after a one year-long lockup period exchanged on a cryptocurrency trading platform. The company has sold 50,000 of the one million it’s planning to issue.

 This isn’t the first veggy-related blockchain enterprise.
In August 2017, startup company Ripe began tracking tomato quality using the tech. Louis Dreyfus Co. one of the world’s biggest foodstuff traders, used a blockchain platform to sell a cargo of U.S. soybeans to China’s Shandong Bohi Industry Co. in January.

Olé Crypto,

CBNN

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