Coffee farmers in Brazil will soon be able to use crypto-roll for their daily needs.
One of the largest Arabian-based makers, Minasul, is planning to launch its own Cripp product based on blockchain technology this month. This will be a digital token that will be supported by coffee makers and suppliers. Farmers will be able to use this Coffee Coin to buy fertilizer, machinery and other products including cars and food.
The exchange of this commodity will consist of a digital market that will be made up of Minasul related producers. Farmers will also be able to acquire the currency to protect against current or future changes in coffee production. So far, 30% of current production is ready for conversion, 20% of the next and 10% for the next season. Allowing this kind of digital funding will reduce the cost to farmers because registration and certification will not be required by a notary.
This coffeecoin comes with a larger digital project that gives farmers the opportunity to sell seeds through their mobile devices.
Source: Bloomberg Finance L.P.
Trader Martin Nikolov