Spanish Banking Giant Santander Prepares to Revolutionize Crypto in Agricultural Loans!

Spanish multinational banking giant Santandersaid in a statement on March 7 that it has launched collateralized loans with tokenized goods in Argentina.

To the farmers soy and sweetcorn like tokenized commoditiesThe multinational banking giant, which has launched a loan service backed by .

Argentine farmers were given loans in the trial program launched in February. Fernando Bautista, head of agricultural business in Santander Argentina, said in a statement.

For the first time, a financial services platform has used blockchain technology and crypto assets to expand the agricultural loan market and unlock the business potential of farmers.

said.

AgrotokenAriel Scaliter, co-founder and chief technology officer of the company, said that in the next 6 months, 1,000 Argentine farmers will be growing soybeans (SOY), sweetcorn (CORA) and wheat (WHEAHe said that they will receive a Santander loan secured with )-based tokens.

Scaliter noted that Santander and Agrotoken have been working together for 7 months and plan to roll out crypto-backed loans in Brazil in June and in the US in late 2022.

He also stated that these three countries account for 70% of global wheat, corn and soybean production.

Working Principle of Agrotoken

The agrotoken corresponds to one ton of grain that the farmer sells and delivers to a granary, with each token then verified by a proof of grain reserve test (PoGR).

After a farmer requests a loan from Santander, the bank checks whether the farmer complies with the terms of receiving the money on a platform developed in partnership with Agrotoken.

The duo is expected to officially launch the initiative on March 9 at Expoagro, Argentina’s largest agribusiness event.

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