2 years ago
Spanish banking multinational Santander has launched loans successful Argentina collateralized with tokenized commodities, the slope told CoinDesk connected Monday.
During a proceedings play successful February, Santander already delivered loans to Argentine farmers successful conjunction with Agrotoken, an Argentina-based agro-commodities tokenization platform.
"This is the archetypal clip a fiscal services level has utilized blockchain exertion and crypto assets to grow the cultivation recognition marketplace and unlock farmers’ concern potential," Fernando Bautista, caput of agribusiness astatine Santander Argentina, said successful a statement.
Agrotoken expects that implicit the adjacent six months, 1,000 Argentine farmers volition person Santander credits collateralized with tokens based connected soybeans (SOYA), maize (CORA) and wheat (WHEA) launched by Agrotoken, the company’s co-founder and CTO, Ariel Scaliter, told CoinDesk.
Agrotoken began moving with Santander 7 months ago, with the task involving some the bank's section squad and its planetary blockchain division.
Santander and Agrotoken program to connection the crypto-backed loans successful Brazil successful June, and successful the U.S. successful precocious 2022 in, Scaliter said, noting that the 3 countries unneurotic comprise 70% of planetary wheat, maize and soybean production.
According to Agrotoken, each token corresponds to a ton of atom that the husbandman has sold and delivered to a atom elevator, which is past validated done a impervious of atom reserve trial (PoGR).
After a husbandman requests a indebtedness from Santander, the slope volition corroborate connected a level developed successful concern with Agrotoken whether the husbandman complies with the conditions to person the money.
Once the indebtedness is approved, tokens volition beryllium sent to an escrow, which is simply a third-party astute contract, until the recognition is repaid with fiat oregon tokens, Scaliter said. If a husbandman repays the indebtedness with tokens, Santander volition automatically person them to Argentine pesos connected the Agrotoken platform, Scaliter said.
The SOYA, CORA and WHEA tokens were initially listed successful February connected Matba Rofex, an Argentinian banal exchange. "If the tokens were not listed, a slope similar Santander would not beryllium capable to run with them," Scaliter said.
On March 9, Santander and Agrotoken volition officially motorboat the inaugural astatine Expoagro, Argentina's biggest agribusiness event.
In December, Agrotoken raised a $5 cardinal effect circular led by Xperiment VC, according to Scaliter.
DISCLOSURE
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Andrés Engler is simply a CoinDesk concern newsman based successful Argentina, wherever helium covers the Latin American crypto ecosystem. He holds nary crypto.
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