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