Brazil Top Coffee Cooperative to Launch Coffee Supplies-backed Cryptocurrency
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11 July
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Brazil's largest arabica-bean producer, Minasul, plans to launch its own cryptocurrency for coffee farmers for their day-to-day needs, Bloomberg reports.

Brazil Top Coffee Cooperative to Launch Coffee Supplies-backed Cryptocurrency
Jose Marcos Magalhaes/minasul.com.br

As it states, Minasul is about to roll out this month a blockchain-based cryptocurrency that will be backed by coffee supplies.

According to Jose Marcos Magalhaes, Minasul’s president, the farmers will be able to use the so-called "coffeecoin" to buy fertilizer, machinery, and other non-farm products, including cars or food.

Magalhaes states that farmers will be able to purchase the crypto against current or future coffee production.

Earlier this year, popular shoe brand Nike filed a trademark application with the U.S Patent and Trademark Office for a crypto-related product, called "Cryptokicks."

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