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Created by FACES, a joint venture between Block Commodities and FinComEco, and funded with the support of strategic investor Swarm Fund, FarmCoin is a security token that enables maximum production and reduced inefficiencies in agricultural ecosystems. The token is a fully-regulated crypto asset which guarantees a streamlined infrastructure along the entire supply chain, from transport and storage to food processing and warehousing; interacting with the latest technologies for irrigation, renewable energies and data collection; and working with exchange and mobile banking partners, tailor-made for each country.
Through the use of blockchain technology and tokenisation, we are providing fertilisers to smallholder African farmers with more manageable terms and at a better consumer rate than is currently available, allowing them to increase their production. The project promotes financial inclusion of the farmers, for ultimate economic inclusion and community empowerment.
Where FarmCoin comes in
The strategy generates data which can be used to reduce any risk in the processes and increase efficiencies. Other efficiencies come through the deployment, use and networking of ‘leap-frogging’ technologies into one ecosystem, the centre of which is the African farmer. Our strategy is based on a robust business plan which includes identifying the most appropriate infrastructure and partners. It is a long-term strategy with many quick wins that will enable farmers to see the benefit very quickly, creating trust and growth.
FarmCoin aims to deliver sustainable and increasing improvement in the living standards of smallholder farmers and their families, brought about by a commercial venture – not a charity – which links agriculture to the latest financial technology via a model which is adaptable to local requirements. The model is owned and regulated within each country, but has an underlying common ecosystem of technology and finance infrastructure.
We expect to make a 12% return on the money loaned twice a year, as there are two harvesting seasons. Therefore, this yields a 24% ROI less insurance costs.