The token is backed by Soybean and was launched last week. There are over 7.6 million tokens available for investors.
E-Grains Company launched the first public offering of the digital asset in El Salvador on January 18 for $100 million. The public offering was authorized by the National Digital Asset Commission (CNAD) of El Salvador, with an operation that is 100% backed by real assets. However, e-Grains were authorized as issuers of digital assets from December 20, 2023. E-Grains acted as the issuer of the public offering of soybean-backed $ESOY tokens. Just one of these tokens represents the economic rights produced in the trade of a bushel of soybeans that are traded for dollars. According to e-Grain portal, as of January 22, its price remained at $11.15 per bushel. The company Torres Legal said, “The $ESOY token is representative of the economic rights produced in the trading of a bushel of an internationally known raw commodity, soybeans. This token has been a pioneer in innovative infiltration into the agricultural commodities market.” Legal advisor during the process.
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E-Grain has issued 7.6 million tokens that will be available for 60 months starting January 18, 2024. These tokens are backed by soybean futures contracts and collateral. Hector Torres, managing partner of Torres Legal, indicated in a statement that e-Grains have the potential to issue contract-backed digital assets by benefiting from established laws in the country and internationally. “In other words, all digital assets are backed by tangible assets that can be claimed by token holders,” Torres said in a statement. $ESOY has the ability to operate 24 hours a day, every day of the week. has stated on its portal that the tokens can be liquidated physically or financially and similarly, investors can transfer their positions to the next harvest to preserve the assets.