Agrotoken Strengthens its Alliance with Visa by Incorporating Pomelo & Algorand to the Development of Agriculture-Oriented card
Agrotoken, the first global tokenization infrastructure for agrocommodities, is partnering with Pomelo and Algorand as strategic allies for the implementation and development of a card designed for the agricultural sector.
Last month, Agrotoken announced a partnership with Visa, the world-leading company in digital payments, to cocreate a payment method that enables agricultural producers to use their grains as a form of payment through a card. The goal of this collaboration is to design a digital solution that allows the emission of digital and physical cards under Visa’s standards and enable the use of financial tools and products for a smooth payment experience using the Agrotoken and Visa features. Along these lines, Agrotoken incorporates Pomelo as the infrastructure to issue, distribute and process the payments made with the card, which will soon be supported in any store that accepts Visa.
On the other hand, the Algorand blockchain will make all operations transparent, fast, secure, with high scalability and low energy consumption, as it has been built focusing on sustainability in order to minimize the environmental impact, an approach diametrically opposed to other networks currently in operation.
“Integrating Pomelo and Algorand into this existing partnership with Visa shows the versatility of our cryptoassets. Agrotoken is here to change the agricultural sector, not only in Argentina, but in the whole region, and this is possible thanks to various companies and platforms that supported us and our expansion into new horizons,” explained Eduardo Novillo Astrada, Agrotoken CEO and co-founder.
“We are excited to announce this partnership among Agrotoken, Pomelo and Visa for the launch of an unprecedented card in the region. The use of agrocommodities as a payment method is a very disruptive development and a clear example of digitalization and transformation in an industry as traditional and important as agriculture,”commented Gastón Irigoyen, Pomelo CEO and co-founder.
How Agrotoken works
Each token represents one ton of grain that the producer delivered for storage. Every ton is validated through a “Proof of Grain Reserves” (PoGR), a transparent, safe, decentralized and auditable system at all times. Likewise, Agrotoken uses a multichain security infrastructure powered by Ethereum, Polygon and Algorand, according to the optimal use cases for each one. Once the producers have their digital assets, they can use them to perform different operations, including consulting the grain price indexes in real time, which are available either at the Matba Rofex Group or Agrotoken websites, requesting loans collateralized by grains and, soon, paying daily expenses with a card.
Since the beginning of operations, Agrotoken’s cryptoassets have been used for various operations such as purchasing supplies, vehicles, agricultural machines, farms, among others. Issuing physical and digital cards, which follow Visa standards, enables the use of financial tools and products, which are tied to Agrotokens for the processing of FIAT transactions.