El Salvador authorizes first digital token backed by soybeans for public offering
The National Digital Assets Commission (CNAD) of El Salvador has authorized the company e-Grains to launch a public offering for 100 million dollars (about 108 million euros) of the digital token (token) $ESOY, backed by soybeans. This was reported by the exchange house eNor Securities on Tuesday.
“eNor Securities proudly advised, structured and coordinated the distribution for the first digital asset issued in El Salvador, for a value of 100 million dollars,” the company announced on social media. They added that “this is a milestone for El Salvador” and for the agricultural commodities digital asset issuer e-Grains.
According to CNAD, the public offering of the $ESOY token began on January 18, with the digital services provider IB Maker X, whose trademark is eNor Securities, facilitating the offering to the public for 7.6 million tokens.
The e-Grains company stated that “the tokenized security has the symbol $ESOY and is an asset 100% backed by soybean futures contracts and custodial guarantees.” They also emphasized that “this marks a milestone for the country and the tokenized securities landscape, as it is the first issuance and public offering approved by the CNAD since the approval of the Digital Assets Law in January 2023 and the first regulated tokenized asset in the world.”
The secondary market for the $ESOY token will open on March 18, and in the field of cryptocurrencies, each of the tokens is a digital representation of physical assets and serves their issuers to receive investments.
In September 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender, alongside the US dollar. However, according to a recent survey, 88% of the population did not use this crypto asset in 2023. Additionally, the Salvadoran Government was expected to place Bitcoin bonds, known as Volcano Bonds, for 1 billion dollars to finance the construction of Bitcoin City in the east of the country, but said financial movement or the construction of the project was not carried out.
This marks a significant development in the cryptocurrency and digital assets landscape in El Salvador, as the country continues to embrace and innovate in this burgeoning sector. (With information from EFE)