Culte officially launches cryptocurrency aiming to disrupt the agribusiness sector

After going through acceleration programs, such as Inovativa Brasil and LIFT Financial and Technological Innovation Laboratory of the Central Bank and Fenasbac, Culte -- a complete ecosystem to support Brazilian family agribusiness -- begins a new culture in the agro sector with the launch official cultecoin (CULTE), this April 1st. Cultecoin is a BEP-20 utility token, based on the Binance Smart Chain and will be launched on the PancakeSwap decentralized exchange (DEX). 

Initially, cultecoin's function will be to mediate negotiations within the Culte marketplace, facilitating payment for fees, products and services, in addition to the possibility of being used as a liquidity reserve for small farmers. In the future, the founders hope that cultecoin's blockchain will be able to trace the origin of products from producer to final consumer and that crypto will be used as currency on the company's platform.

“Our objective is to promote inclusive, sustainable and intermediary-free economic growth, give visibility to small family farmers and bring access to new technologies and training to the field”, explains Cláudio Rugeri, CEO of Culte. According to him, the platform was developed using Blockchain technology with the disintermediation of the production chain and the concept of finance in mind, through a controlled structure, visible and open to everyone involved. “Culte’s marketplace is characterized as decentralized, directly connecting producers and customers, without the need to involve third parties”, details the executive.

Although cryptocurrencies are gaining more and more followers in Brazil and around the world, the CEO reveals that he had no idea how the project would be received in the agribusiness and family farming environment. “Cultecoin ended up serving as a gateway to the cryptocurrency market for many people who were previously distant from this universe,” he says. Based on an informal estimate, for 70% of investors, Cultecoin has become the first crypto asset in their portfolios. For some, it also remains the only one.

In the last 12 months, the startup received more than R$15 million in loan requests, with 70% of farmers who requested never having access to credit. Today, the startup is present in 20 Brazilian states, bringing together more than two thousand small farmers; of these, more than 30% are women.

The numbers on Brazilian family agribusiness reflect both the support needs for the sector and the opportunities that lie within it. Agribusiness is responsible for 21,1% of Brazil's GDP (Gross Domestic Product) - which means that more than a fifth of everything generated in Brazil comes from agriculture. And, of this total, around 25% comes from family farming, that is, 5% of Brazilian GDP originates from the properties of small rural entrepreneurs.

Cultecoin allows the advance purchase of production from these small farmers, contributing to the growth of family farming. “The idea is to enable the connection between the producer and companies that need the goods – such as agribusinesses, cooperatives, hospitals, hotels, restaurants and other establishments that need large volumes – for a larger purchase”, explains the executive.

On the other hand, farmers can also make purchases together, obtaining better conditions from suppliers. “We, at Culte, believe that we all enjoy the fruits of agribusiness, therefore we have a duty to support farmers and rural producers”, concludes the CEO.

“We need to boost Brazilian family agribusiness. The traditional banking system is not capable of providing subsidized financial and technological resources in a comprehensive manner and within the appropriate period”, says Rugeri. “The persistent increase in food demand, caused by population growth, and changing diets as the global middle class expands, creates attractive market niches in agribusiness, offering opportunities for investment in technology and infrastructure,” he adds. .

More information: culte.com.br