Santander Argentina has partnered with startup Agrotoken to provide loans against public blockchain stablecoins backed by agricultural commodities including soya, corn and wheat. The tokens are stable in that they track the market prices of the commodities.
“Together with Santander, we are co-creating various financial products to provide agricultural producers with a service with which they can easily and smoothly access a new credit system backed by their grains,” said Eduardo Novillo Astrada, CEO & Co-Founder of Agrotoken.
The startup partnered with Accenture to design the business model and mechanics and the token scaled to 30,000 tons in a matter of months.
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