22 Mar Agrocoin backed by chile peppers is a hot property
Thirty miles south of Cancun, a busy Mexican hydroponic farm called Amar Hidroponia, grows Chile Habaneros. It’s not only the grower of the popular, spicy fruit, it’s also home for a new, hot cryptocurrency property called Agrocoin.
Agrocoin is an ICO and token using blockchain technology and smart contracts that allows investors a share of the profits generated in the production of Chile Habanero. One Agrocoin is worth a share of 1 / 10,000 of the profits, or one square meter of the production unit.
Token backed by farm production
Every 500 peso ($27) Agrocoin is backed by the one square meter of hydroponic production at the farm in Quintana Roo state, located just 30 minutes from the Cancun airport.
The company claims it will pay an annual dividend of 30% of the token cost, depending on output and demand.
Chile production happens year-round, using hydroponics on the busy farm. The plant is productive from four months of age and produces for eight more months. Harvests are weekly and quantities of up to two tons per hectare per week are common.
Export prices for the Chile Habanero from Mexico have averaged $4.86 per kilogram in 2017, 6% higher than Amar Hydroponia forecast for the year. Returns were 7.5% below expectations due to the weakness of the peso against the dollar that occurred early in the year. The chiles are grown mostly for export to the US market which is expected to grow by 5% to 10% annually in the next several years.
First Mexican cryptocurrency
The Agrocoin claims to be Mexico’s first cryptocurrency and is using the slogan “Great Returns for those who know where to plant their investment.”
More than 50,000 Agrocoins have been sold from estimated one million supply of tokens expected to be released to investors. Coins have a one-year lockup timeframe.