Coffee Coin Frosts in Brazil cause the growth of the new Cryptocurrency
Unlike others, this digital currency is considered more stable since "it is tied to a physical reference and can be exchanged for a real product".
Coffee coin, the world's first cryptocurrency backed by coffee stocks, saw an appreciation of more than 35% in its first month on the market, Reuters reports.
Coffee coin is also linked to the supply and demand of investors in the secondary market, according to Minasul's director of business development, Luis Henrique Albinati, who confirms that this digital currency combines the best of two worlds: the coffee sector, which it will not disappear anytime soon, and the cryptocurrency sector.
Farmers can also buy this currency in exchange for spot contracts or futures contracts, according to Albinati, who added that the coffee coin is stable since, unlike other cryptocurrencies, "it is tied to a physical reference and can be exchanged for a real product. "
The coin was trading above $ 3.48 at the end of last week, before dropping to $ 3.19 on August 2, 2021.
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