Who would have ever thought that insects and crypto would be such a perfect pair? Carmelo Campos runs a company that exports long-horned beetles to Japan, which have become popular pets with the country’s children. Known as Tierra Viva, the company has established its own cryptocurrency to assist in international sales.
Carmelo Campos Knows Crypto… And Bugs
Doing business overseas is never easy. There are currency exchange fees, time displacement issues, and other problems that can stem from things like lagging technology and slow financial payment systems. Cryptocurrency is often viewed as a means of removing these barricades.
One example can be witnessed in the Central American nation of El Salvador. The country has become one of the first to declare bitcoin legal tender, the main reason being that BTC can potentially help in the sending of remittance payments. For a long time, El Salvador has been dependent on the U.S. dollar, which can be difficult in the utilization of remittance payments given the high fees that often come with the currency.
With bitcoin, El Salvador believes that many of these high remittance fees typically seen accompanying overseas payments can become null and void.
Campos feels the same way, though he is not looking to bitcoin to get the job done. Rather, he has put his technical skills to work to establish a payment system unique to his enterprise. Discussing the asset, he stated in an interview:
It’s an alternative to be able to export the beetles to Japan or any other part of the world and be able to use it as a method of payment.
At the time of writing, the company is known for exporting Hercules beetles, elephant beetles, and Neptunus species of insects. Typically, these creatures sell for as much as $300 in Tokyo alone. If this wasn’t expensive enough, sales commissions can be as high as ten percent of the total export value, which basically puts more financial burdens on everyone involved in the transactions.
The company’s token will be known as Kmushicoin, which gets its name from a long-horned beetle called Kabutomushi in Japanese. Thus far, more than 200 separate businesses – including restaurants, hardware stores, and assorted retail outlets – accept the asset as a form of payment.
More Growth Is the Goal!
Campos has big plans for the asset and would like to see it used in place of fiat. When it was first designed over two years ago, the coin was only valued at about 30 cents. Today, it’s worth $1.84. He commented:
Our objective is to be able to use it as a method of payment at the national level.
The bugs in question will eventually become the size of a human adult’s hand. While this may sound scary, they are typically vegetarian, dining mostly on vegetable matter and fruit scraps.