Coffee cooperative Minasul and tokenizer Stonoex, created the world’s first Coffee-backed crypto asset, closed a deal with Brazilian exchange Foxbit for the listing of the token Coffee Coin (COFBR) on its platform in the coming weeks – as reported by the Stonoex team. This Friday (1), the token celebrates its first anniversary. CoffeeCoin is a crypto-asset indexed to the value of coffee in the international market and tracks the price of the commodity in the agricultural market. In this way, it is possible to invest in the price variation of this Brazilian product so important to our economy, without having to buy bags of coffee or a large farm. The expansion strategy involves listing on one of the largest and most modern exchanges in the country in terms of trading volume, Foxbit, with more than 1 million customers in Brazil, and the creation of new tools for applying the token, as collateral. in producer financing and as payment currency.
In this one year of circulation, the crypto-asset has become one of the main commodity tokens on the market, moving more than 1 million reais per month on the Stonoex platform. “Listing on Foxbit should increase Coffee Coin adoption, as well as boost digital asset trading volume,” according to Stonoex CEO James Franciscus. “Coffee Coin, created as a solution for a cooperative and which has already established itself as a high-performance commodity token in the market, is undoubtedly a successful case for blockchain technology in Brazil. In addition to helping Minasul negotiate coffee production, Coffee Coin democratizes investors’ access to a restricted market and brings a series of financial tools for rural producers to improve their margins, such as financing, digital barter, hedging operations and automated payments. . With the price linked 100% to coffee, we created, together with Minasul, a token that promises to revolutionize the coffee industry in Brazil, the leading coffee country in the world.” Each unit of the crypto asset corresponds to 1 kg of green coffee and, thus, the currency has a price stability that varies according to the price of the product in the physical. The cooperative has a large stock that guarantees liquidity to be tokenized according to demand. “The listing on Foxbit should boost cryptocurrency trading, and represents a diversification in the exchange’s trading portfolio, now with commodities,” comments FoxBit CEO João Canhada.
Coffee Coin was the first commodity tokenization project developed by Stonoex. Through blockchain technology, it is possible to tokenize assets such as coffee, inputs such as fertilizers, grains, metals, energy commodities, among others. The tokens issued can be used to redeem the physical product and producers can use the token to carry out operations in the agro-financing, barter, hedging, payment chain, among others. In addition to the scheduled listing on Foxbit, since 2021 Coffee Coin can be traded by Stonoex which has other commodity tokens listed. NovaDAX is full of news! One of the largest cryptocurrency exchanges in Brazil has now ZERO withdrawal fees in real! NovaDAX also counts zero fees for Bitcoin transactions and more than 110 listed currencies, with cash withdrawal available and high liquidity. Cryptocurrencies with the best rates on the market! Simply activate the free Novawards program and enjoy reduced rates of up to 75%. Discover the NovaDAX Card and order yours now.