OARO has partnered with global banking giants Santander, and tokenisation platform Agrotoken, to power the world’s first loans secured by tokens related to agricultural commodities. By utilising tokenised digital assets, it allows 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 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.
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. 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”.
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