Mexican hydroponic agriculture company Amar Hidroponia exlusively grows habanero peppers. In September 2017, they started selling digital tokens called Agrocoins with one coin selling for 500 Mexican pesos or around US$27. Unlike other cryptocurrencies, Agrocoin is actually backed by another asset—in this case, one Agrocoin is backed by one square meter of hydroponic production of habanero peppers.
Amar Hidroponia President Rodrigo Domenzain prides how the cryptocurrency gives buyers opportunities to invest in their famous spicy peppers.
“Argrocoin allows us to have a new investment product backed by agricultural goods,” said Domenzain.
The company plans on selling 1 million tokens. So far, around 50,000 have been sold. After a year-long lock-up period, tokens may be exchanged at trading platforms. The company also promises a dividend of 30% of the cost depending on demand.
The demand on Mexican habanero peppers are expected to rise in the future and the company is counting on this to drive growth. The peppers are a staple in any spicy cuisine and has experienced an increase in import statistics as it gains popularity in the US.
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