Crypto Adoption: Spain’s Largest Bank Santander Offers Crypto-Backed Loans In Argentina

The mass adoption of digital assets has been one of the most important goals that the crypto industry marked and things are going great despite the world crisis.

JUST IN: Spain’s largest bank, Santander, to offer loans backed by crypto assets in Argentina

— Blockworks (@Blockworks_) March 8, 2022

It’s been also revealed that the loans will be backed by tokens based on agricultural products such as soybeans, corn, and wheat.

A follower hopped in the comments and said: “Loan backed by crypto is good for adoption. Crypto is penetrating Banks fast; The Bank of New York Mellon, State Street, and Northern Trust have started working towards cryptocurrency custodial services. Royal Bank of Canada (RBC) is running a Bitcoin node. Crypto is taking over.”

Someone else believes that “You do not need loans and banks, this is slavery. Choose USDT and Freedom.”

The Block Crypto notes that Agrotoken offers stablecoins that each represents a ton of stored grain. These include soy (SOYA), corn (CORA) and wheat (WHEA).

“Each token’s value is pegged to the price of each commodity in US dollars. The firm has already undergone a pilot project with producers in Argentina to validate the product,” Santander said.

Agrotoken says it has a “multichain infrastructure,” with a platform built on Ethereum, Polygon, and Algorand.

Bitcoin is looking great today, and at the moment of writing this article, BTC is trading in the green. The king coin is priced above $42k.

The crypto market looks healthy today and the prices have exploded. The most important coins are trading in the green. You may wonder how this is possible following so many corrections and increased volatility.

Well, there are two important factors that triggered the price rise.

Stay tuned for more news and make sure to check out the prices in the crypto market as well.