Multinational bank Santander to secure loans with grain-based cryptos
Luke Martin - Cryptowisser
In a Monday blog post, multinational Spanish bank Santander announced it will be offering loans in Argentina backed by cryptocurrencies based on agricultural commodities. Santander has partnered with startup Agrotoken to offer the agricultural sector these loans. The infrastructure will be built on the Ethereum, Algorand, and Polygon networks.
Each token will represent a ton of stored grain. For example, SOYA will represent soy, CORA will represent corn, and WHEA will represent wheat. Inflation in Argentina reached a nine-month high in January, according to Reuters. The value of the new tokens will be pegged to the price of the commodity in U.S. dollars.
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