A coffee coin is the world’s first cryptocurrency backed by coffee equities.
And it’s on a roll, with the stock up more than 35% in its first month of trading, thanks to frosts in Brazil and investor demand.
The Minasul cooperative’s cryptocurrency is modified by the fluctuating price of coffee on the physical market.
Luis Henrique Albinati is Minasul’s New Business Director:
“Coffee coin blends the finest of both worlds: the coffee world and the crypto world.
The demand for coffee coin investors in the so-called secondary market also influences the price.
“Unlike other cryptocurrencies with no actual basis to their worth, the coffee currency is a stable coin.”
At the end of last week, the currency was trading at $3.48, before dipping to around $3.19 on Monday (August 2).
This is despite a drop in physical pricing, which has been pushed down by quotations on the New York Stock Exchange as the frosts have subsided.