Brazilian agribusiness innovation talents go beyond the planting field. This week AgroVantagens opened a beta test for the first cryptocurrency focused on rural producers in the country. AgroBonus tokens can be exchanged for services, products or in P2P transfers within AgroVantagens’ rewards program.
In closed beta until the end of August, the solution already has transactions equivalent to BRL 400 million. AgroBonus is available for 35,000 active users from the Brazilian Association of Investors in Cryptoactives (ASSIC), part of them made up of rural producers.
“The idea for presenting AgroBonus to Brazilian agribusiness came when we followed farmer’s difficulty to access rural credit and the disparity between sector’s Gross Domestic Product (GDP) growth and Real’s devaluation, which limits rural producers buying power”, explains AgroVantagens’ CEO Jean Carbonera.
The company looks forward to having the digital coin traded on exchanges in the future. According to Carbonera, betting on crypto can “generate financial income to develop technologies that promote sustainability and productivity for agribusiness”.
The digital currency valuation is linked to the Agribusiness GDP — an index that measures the production of wealth carried out by the agricultural and livestock sectors combined — which grew 24.31% in 2020. The data comes from the Center for Advanced Studies in Applied Economics (CEPEA) in partnership with the Confederation of Agriculture and Livestock of Brazil (CNA).