AgriNurture, Inc. enters Memorandum of Understanding with DA for the rollout of a blockchain-based e-commerce platform for international trade

AgriNurture, Inc. (ANI), a farm produce wholesaler, entered into a Memorandum of Understanding with the Department of Agriculture (DA) and the Authority of Freeport Area of Bataan (AFAB) for the rollout of a blockchain-based e-commerce platform for the local agriculture sector.

The platform would allow the trading of agricultural products such as rice, corn, sugar, and copra, and virtual currencies globally.

“The 1ANI e-commerce platform, a financial technology ecosystem, allows local farm input requirements and output to be traded using virtual currencies and opens up financing and trading opportunities to institutional buyers and foreign investors residing outside the Philippines,” said President and Chief Executive Officer of ANI Antonio Tiu.

Before ANI can operate internationally, the company needs to secure a license from the AFAB for the issuance and use of “agri-tokens,” as well as the safekeeping of a custodian bank. The agreement also requires the establishment of a food terminal complex, cold and dry storage, and a logistics hub within the free port.

In March, the company said it was aiming to raise ₱4.28 billion worth of “sustainability funds” on international capital markets after it secured a “Medium Green” rating from independent, research-based evaluations firm, CICERO Shades of Green.

A “Medium Green” rating is given to projects that represent steps toward a long-term vision of sustainability and display strong governance procedures and ambitions to improve further.

SOURCE: CNN Philippines