Today, we are introducing to the world the first decentralised agribusiness and warehousing financing protocol built for emerging economies.
Farmbit unlocks liquidity for agribusinesses and assets stored in warehouses by tokenising these assets into NFTs and can be used as collateral on the blockchain. Users can then borrow against these assets and access capital from DeFi infrastructure.
Investors provide liquidity and earn stable yields plus rewards.
Emerging Markets Business Funding Gap And The Need For Farmbit
Despite a large repository of natural resources, Emerging economies like Africa sit on the crust of hunger and extreme poverty. Rising population, pressure on existing resources and custody of over 60% of the world’s arable land has necessitated agriculture more than ever.
Statistics from the African Development bank AFDB show that agribusiness in Africa drives investments estimated to reach a whopping $1 trillion by 2030. These prospects promise a future of economic growth, job creation and prosperity for the African continent.
This projected boom necessitates the establishment of corresponding infrastructure and systems that accommodate and support our expected growth.
A survey of over 4000 agribusiness firms across Africa showed financing as the single biggest challenge. The industry faces an annual funding gap of $11 billion, which is necessary for business expansion, logistics, processing, storage and warehousing etc.
Without access to capital, agribusiness in Africa will be relegated to crude business practices with low productivity.
How Farmbit Do The Magic
Disruptive new use cases for emerging economies, DeFi and NFT
DeFi is a modern financial system that enables anyone with an internet connection to access financial services.
NFT is redefining ownership. For the first time in the history of the world, anyone can prove with blockchain: the provenance of any asset origin, its cost, who owned it. All transparent and clear.
FarmBit opens up economic opportunities for Agribusinesses and warehouses in emerging markets. Our product allows business owners to unlock liquidity for their businesses and provides stable interest returns to DeFi investors.
A set of smart contracts we call FarmBit Pool is made to bundle these non-fungible assets and make them accessible to a global, decentralised marketplace. Through FarmBit Pool, Agribusinesses in developing countries can access liquidity in DeFi, and investors can browse through different types of assets to finance to earn stable yields and rewards.
The Farmbit Token ($FMB)
$FMB is the native token of the Farmbit ecosystem. It is used to reward users for participating in different operations on the network. Token holders participate in governance through on-chain voting and can make decisions to upgrade the protocol, including the addition of new functionality, adjustment of fee structure and more.
FarmBit unlocks real-time liquidity for businesses in emerging markets from DeFi.
We aim to revolutionise Agribusinesses in emerging economies. Business decisions and data will be in the hands of business owners. Automated business logic embedded in smart contracts will enable companies to access affordable financial services.
To learn more and be a part of the Farmbit project, visit farmbit.io and follow us across our social channels on