- Title: Brazil frost boosts market for coffee coin cryptocurrency
- Date: 2nd August 2021
- Summary: (SOUNDBITE) (Portuguese) MINASUL'S NEW BUSINESSES DIRECTOR, LUIS HENRIQUE ALBINATI, SAYING: "Coffee coin combined the best of both worlds: the coffee world, a market that is there and will not end tomorrow, and the crypto world. What coffee coin does is it brings together the world of cryptocurrency with the world of coffee - this union will allow us to generate new businesses in the future." VARIOUS OF HARVESTING MACHINE INSIDE OF HARVESTING MACHINE VARIOUS OF HARVESTING MACHINE WORKING (SOUNDBITE) (Portuguese) MINASUL'S NEW BUSINESSES DIRECTOR, LUIS HENRIQUE ALBINATI, SAYING: "Coffe coin is a stable coin, unlike other cryptocurrencies that do not have a physical reference of its value. This physical reference does not only ensure the value but you can also exchange it in the future, if you want to, you can change your coffee coins for physical coffee." VARIOUS OF WORKERS HARVESTING COFFEE VARIOUS OF COFFEE BEING LAID OUT TO DRY IT (SOUNDBITE) (Portuguese) MINASUL'S NEW BUSINESSES DIRECTOR, LUIS HENRIQUE ALBINATI, SAYING: "The most important aspect is the democratization of the coffee-growing business which used to be restrained by its chain, from the production to the plantations. Now anyone in the coffee world can participate in this market." VARIOUS OF COFFEE STOCK IN WAREHOUSE VARIOUS OF WORKER HANDLING COFFEE GRAINS
- Embargoed: 16th August 2021 22:20
- Keywords: coffee cryptocurrency
- Location: VARGINHA, MINAS GERAIS, BRAZIL
- City: VARGINHA, MINAS GERAIS, BRAZIL
- Country: Brazil
- Topics: Environment,South America / Central America
- Reuters ID: LVA003EOL8N5Z
- Aspect Ratio: 16:9
- Story Text:A coffee coin, the first cryptocurrency in the world backed by coffee stocks, registered an appreciation of more than 35% in its first month of negotiations driven by frosts in Brazil and investor demand.
The cryptocurrency, created by the Minasul cooperative, is adjusted by the variation of coffee in the physical market. The price is also influenced by the demand for coffee coin investors in the so-called secondary market.
"The coffee coin is a stable coin, unlike other cryptocurrencies that do not have a physical reference of its value," Minasul's New Businesses director Luis Henrique Albinati told Reuters.
The value of the currency, which traded above 18 reais ($3.48) at the end of last week, has dropped to around 16.50 reais ($3.19) this Monday (August 2) amid a decline in physical prices, pressured by quotations on the New York Stock Exchange after last Friday's (July 30) frosts were less intense.
During its first month, the asset launched at 13.69 reais ($2.69) accumulatin at a high of 36.6%, while the physical coffee market rose 31.5% in the same period.
(Production: Pablo Garcia, Geraldine Downer, Nina Lopez)
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