The Salvadoran producer who marketed the lot said the transfer price was up to three times higher than on the U.S. Stock Exchange.
U.S. company Compass Coffee bought a batch of coffee from a Salvadoran farm through bitcoin, the Foreign Office revealed.
El Salvador’s ambassador to the United States, Milena Mayorga, said the purchase benefited producers with competitive prices without the use of intermediaries.
Thanks to our efforts, a purchase of coffee was made through bitcoin which benefits from competitive prices. Those who buy a bag or can of coffee can will be able to send a tip directly to the producers’ digital wallet, Mayorga said in a video released Monday on social media.
Mayorga said they have the doors open to companies that use bitcoin and want to do business with Salvadoran producers.
Jorge Cruz, a Salvadoran coffee producer, said the sale price of coffee was two or three times higher than that obtained through the U.S. Stock Exchange.
Cruz explained that they sent the sample and the company took the coffee to, then issue a score and a price. The coffee grower said that in 10 minutes they managed to receive the funds.
Mayorga said on his social media that the embassy met with Compass Coffee in August 2022, with the aim of exporting Salvadoran coffee to Washington.
The company launched the Bitcoin Blend coffee brand in November 2022.
Compass Coffee’s chief operating officer, Chas Newman, highlighted the reduction in the fee and speed of the payment with which the operation was completed.
A similar initiative was replicated in August 2023, when the US company Making Coffee committed to buying a million pounds of coffee from Salvadoran producers through bitcoin.
This operation was made possible through an agreed alliance between the Ministry of Agriculture and Livestock (MAG) and the company.
This article has been translated after first appearing in Diario El Mundo