- Agrocoin Cryptocurrency is backed by a square meter of pepper production
- Founder, Amar Hidroponia, seeks ways to lure smaller investors
Agrocoin, an infamous cryptocurrency launched by Amar Hidroponia, is offering willing investors a chance to invest in Chilis – some of the world’s spiciest peppers.
Amar Hidroponia, a company in Mexico which grows only habanero Chilis, began selling digital tokens last September as a mean of raising capital from smaller investors. Every 500 pesos of Agrocoin, which worth $27, is backed by a square meter of hydroponic pepper production in Quintana Roo state. Amar Hidroponia says it anticipates to pay investors a yearly dividend which equals about 30 percent of the cost, depending on demand and output.
Rodrigo Domenzain, the company’s president, said in an interview from Leona Vicario, a town about 25 miles southwest of Cancun.
“We had a lot of people who wanted to invest, but with less money. Agrocoin allows us to have a new investment product backed by agricultural goods.”
Chilis – the small peppers are an integral part of Mexican cuisine – especially in the Yucatan Peninsula where Quintana Roo is located. Agrocoins cryptocurrency can be bought on Amar Hidroponia’s website, and after a yearlong lockup period, it can be exchanged on a crypto trading platform. Amar Hidroponia claims it has already sold 50,000 of the 1 million Agrocoins token it is planning to issue.
Amar Hidroponia is not the first vegetable-related cryptocurrency enterprise. Last year August, a startup company named Ripe started tracking tomato quality using the blockchain tech. Louis Dreyfus Co., one of the world’s largest foodstuffs traders, in January utilized the blockchain tech to sell a cargo of US soybeans to China’s Shandong Bohi Industry Co.
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