OARO – Powering Agro-commodities with Santander & Agrotoken

Recent News Releases

Here at OARO, we’ve been working hard with global banking giants Santander, and tokenisation platform Agrotoken, to power the world’s first loans secured by tokens related to agricultural commodities such as soya beans, corn and wheat.

By utilising tokenised digital assets, it allows farmers, and the agriculture workforce to easily access a whole new system of loans, whilst also expanding credit usage and capacity.

OARO has been powering the tokenisation technology and infrastructure that underpins this solution, and together with Santander and Agrotoken, has already carried out a successful pilot test with Argentine farmers in order to access how the product works from a security, technical and operational perspective.

Agrotoken, the world’s first platform for tokenisation infrastructure for agro-commodities, has therefore created digital tokens to help support this initiative including; crypto-soya (SOYA), crypto-corn (CORA) and crypto-wheat (WHEA), the first grain-backed crypto assets.

Each token represents 1 tonne of grain sold by the farmer to a wholesaler, and by using the globally accredited Proof of Grain Reserve (PoGR) certificate, this allows a transparent, secure, and decentralised auditable trail – all underpinned by modern blockchain infrastructure. Once farmers are in possession of their digital assets, they can be used in much the same way as any other digital token wallet to carry out financial transactions – with price changes aligned to reflect the real-time value of the grains on global markets.

Garry Harrison, CEO of OARO, said, “We’re hugely excited to be working with both Santander and Agrotoken to power this new and vital experience of backing loans with tokens based on agro-commodities. Leveraging technology and innovation shouldn’t just be for a select few global sectors and territories, so it’s great to see how this platform can help expand the agricultural credit market. What makes this even more rewarding is that we have conducted the first pilot in Argentina, a country with a rich history of farmers and agriculture. For our partner Santander, this is the first time that a global commercial bank has used blockchain technology within this sector, so OARO is thrilled to be working closely with them and Agrotoken.”
2nd November 2022