The blockchain technology is presenting boundless possibilities to farmers in Africa as Swarm a blockchain for private equity has presented the agricultural sector with an investment opportunity. Swarm is creating an opportunity for farmers in the FarmCoin Pan-African financial and commodities ecosystem through its marketplace. The idea is to give benefits to all stakeholders in the agricultural sector. By giving investors an opportunity to reach the poor, unbanked African farmers population, you also offer the farmers a life-changing opportunity.
The CEO and Co-founder of Swarm Philipp Pieper explained, “This puts Swarm in one of the most exciting places for crypto – ground zero for much of the world’s unbanked. Our strategy is based on using our unique ecosystem to create real value to hundreds of millions of people, enabling them to trade responsibly with an objective of increasing income to farmers to deliver economic security across Africa.”
The company also has an aim of educating farmers to keep up with the current revolution, Philipp explained, “By 2030, the population of Africa will have doubled to 2.5 billion, creating a profound need for a supportive and educational ecosystem that gives farmers a route to improve themselves and take their families away from everlasting cycles of poverty, starvation, and dependency. Blockchain and smart contract investments like FarmCoin enable market inefficiencies such as corruption, market access and perception-based debt costs to be removed.”
FarmCoin is presenting African farmers with an option, instead of allowing the surplus crop of African subsistence go to waste and rot, farmers will be able to bring the surplus to a warehouse. These farmers will also get paid immediately for the goods as well as get financing via a loan of FarmCoins. The platform also presents an opportunity for the deposited crops to be sold through a FinComEco facilitated commodities exchange and farmers are also advised on pricing via mobile texts. FarmCoins will have an interest rate that will be mutually agreed upon, the interest rate will be decentralized and it will also be more than 50 percent lower than the current bank lending rate and 75 percent less than the commercial rate.
Executive Chairman, Chris Cleverly of Block Commodities, lauded the initiative, “FarmCoin will give investors not only a unique investment opportunity in one of the prime “unbanked” global markets but also the chance to lend a helping hand to improve the lives and opportunities of Africa’s poorest farmers. Support from Swarm Fund allows Block Commodities and FinComEco to make real progress on these goals, enabled by blockchain technology.”
FarmCoin will have her fund go live on May 21, and investors who participate via Swarm’s marketplace will have to purchase FARM tokens which will represent a fractional ownership in FarmCoin infrastructure. Also, FARM token holders will benefit from a share in the fees and interest paid by the farmers. We cannot wait for FarmCoin to come to fruition and see the agricultural sector get transformed.
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