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The blockchain technology has seen major uprising in last 2 years and has the potential to redefine the way tequila industry is operated. One such company in entering the market via integrating blockchain is a Mexico based AgaveCoin.
The token is developed on Ethereum ERC-20 platform, and was presented in November 2018 as a digital asset based on the profitability of the Agave industry. The company projects its initial value in token offering it from US $ 0.01 to US $ 1.2 for the year 2025. The funds raised will be invested directly in the operation of the ranch business, which implies both producing agave and producing-exporting tequila or mezcal.
AgaveCoin managed to raise an initial capitalization of more than $32 million. With this capitalization in dollars, AgaveCoin acquired 300 hectares ready for sowing of agave in Mexico.
Miguel Martín, a professional trader and an analyst of Cripto Activos, and the project’s founders Alfonso Solórzano and Jonathan Miranda, declared that “Agavecoin is the only crypto that is based on real projects in the industry of tequila and mezcal in Mexico”.
On January 12, the company faced a setback. They were hacked, so there was a need to close markets and remove the token from all platforms. All the money was returned to users who bought stolen agavecoins and the legitimate ones were swapped with the new one. The corresponding complaint was filled to the competent authorities and ther was asked to blacklist the btc and eth addresses used to receive part of the thefts.
