• 28 May, 2024
Market News

Agrotoken’s Parachain Ambitions on Polkadot Set to Revolutionize Agriculture

Agrotoken, a digital platform for tokenizing agricultural commodities, has announced its integration with the Polkadot network, a move that signifies a major advancement in applying blockchain technology in the agricultural sector. Agrotoken’s model involves issuing stablecoins backed by tangible agricultural products, such as grains and food items, offering a direct value representation for commodities like soy, corn, and wheat.

The platform has tokenized over $105 million in agricultural commodities, facilitating transactions for various stakeholders in the agricultural sector, including farmers, businesses, and financial institutions. In collaboration with Visa, Agrotoken has introduced custom debit and credit payment methods, enabling transactions using Agrotoken-backed Visa cards at any Visa-accepting location.

Agrotoken’s goal to secure a parachain slot on the Polkadot network, backed by the Substrate Builders Program, reflects its ambition to deeply integrate into Polkadot’s advanced blockchain infrastructure. Parachains are individual blockchains that run in parallel within the Polkadot network, offering enhanced functionality and efficiency. The Substrate Builders Program provides technical and community assistance to foster innovation on the Polkadot network.

Beyond tokenizing agricultural commodities, Agrotoken enables the exchange of tokens for essential agricultural supplies, machinery, or fuel, offering versatile use cases for its tokens. The platform provides a hedge against local currency instability and hyperinflation and allows Agrotoken tokens to be used as collateral for both business and personal loans.

Emphasizing sustainability, Agrotoken aims to combat corrupt or non-sustainable practices in the agricultural industry by offering complete transparency regarding the origin of assets. Currently operational in Argentina and Brazil, Agrotoken plans for global expansion, including a U.S. launch in 2024.

Meanwhile, the Polkadot network has experienced further growth as ImbueNetwork, one of its projects, recently joined the GoogleStartups Web3 program. This collaboration has brought an investment of $200,000 to ImbueNetwork, marking a significant milestone in its development. This initiative aims to develop a secure and reliable freelance marketplace. 

The announcement of ImbueNetwork’s collaboration with GoogleStartups Web3 coincided with an increase in Polkadot’s market value. Following the news, DOT’s value rose by 4.32% within 24 hours, from $4.87 to $5.08, and continued to show positive growth thereafter.

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