THELOGICALINDIAN - Santander is developing the achievability of alms loans backed by tokens that are collateralized in agronomical articles The coffer has partnered with Agrotoken a aggregation that launched a alternation of agronomical article tokens already actuality acclimated in agriculturerelated markets to accomplish affairs A pilot analysis has been conducted to validate the arrangement acclimated to aftermath these loans
Santander Runs Grain-Backed Loans Pilot Test in Argentina
The Spanish bunch coffer Santander has announced it is developing a arrangement to action loans that would be backed by article tokens. The action has been launched in affiliation with Agrotoken, an Argentinian startup that developed a accumulation of grain-backed tokens acceptance producers to transact with their commodities.
According to a columnist absolution by Santander Argentina, a analysis run of the arrangement has already been conducted, and Argentinian producers accurate the software artefact and its state. Santander letters this is the aboriginal artefact of its kind, bond banking articles with agronomical tokens, including blockchain casework to facilitate transactions.
Fernando Bautista, arch of agrobusiness at Santander Argentina, stated:
The tokens created by Agrotoken are three: SOYA, CORA, and WHEA. Anniversary one of these tokens is backed by a ton of atom (corn, soy, or wheat) that the ambassador delivered to a atom collector. The badge is again issued by a decentralized arrangement that uses “Proof of Atom Reserve” to validate the actuality of the atom for anniversary transaction.
Applied Tokenization
Santander believes this badge arrangement will facilitate the conception of a accomplished new business, area agronomical producers will be able to get costs in a aboveboard way, application their own articles as collateral. Fintech is one of the hottest fields for Santander in Argentina, and the coffer appear it will advance $225 actor in the country to improve its software and accouterments basement to action new articles to its customers. This is according to Ana Botin, admiral of Santander.
The Agrotoken assets accept been acclimated in several operations back 2021, allowance producers to access accouterment and added abstracts in a simplified fashion. Santander’s absorption in crypto is not new, as the coffer is already prepared to action a cryptocurrency ETF artefact in Spain.
What do you anticipate about Santander’s accommodation arrangement backed by agronomical tokens? Tell us in the comments area below.
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