According to Protos, the agricultural technology startup Cowmed planned a viral marketing campaign: Brazilian rancher João Guilherme Brenner tokenized 10 head of Holstein dairy cows to obtain about $19,700 in credit notes. But the report emphasized that Brenner is the president of the Holstein dairy cattle breeding breeders’ association in Paraná, and that his family has full ownership of more than 360 hectares of land.
The background that was overlooked: rancher is the association president and owns 360 hectares of land
According to Protos, the following key background facts—ignored by widely reported media—are as follows:
Land scale: Fazenda Engenho Velho covers more than 1.3 square miles (about 360 hectares). Based on pricing by Paraná’s agriculture department, the land value is in the millions of USD
Full ownership: Brenner’s family owns the land across generations. Unlike many farmers who rent land, they can access traditional real estate financing
Herd size: more than 500 head of cattle (more than 240 dairy cows). The tokenized 10 cows account for only 4% of the dairy herd
Position: elected president of the Holstein dairy cattle breeders’ association in Paraná in 2022, and also serves on the board of directors of the Brazilian livestock development fund
Loan amount: about $19,700, which is only about 1% of the estimated land value
Cowmed’s marketing motivation
According to Protos’s analysis, this viral spread directly benefited Cowmed: Cowmed charges about $5 per month per collar. Last year, revenue was under $3.6 million. Since 2017, it has raised more than $20k through multiple rounds of financing, with a valuation of $6.2 million; by contrast, competitor Halter (an electronic fencing and cattle collar manufacturer) completed a $220 million funding round in March this year, with a valuation of $2 billion.
Protos noted that Cowmed “won a global marketing campaign with a loan of less than $20k, gaining more than 1 million views; if the same effect were achieved through paid ads, the cost would be several times that number.” Protos’s core assessment is that, in this case, tokenization “did not bring any discernible value, aside from creating a media stunt.”
FAQ
What is the real background of this Brazil cattle tokenized loan?
According to Protos’s report, this rancher, João Guilherme Brenner, is the president of the Holstein dairy cattle breeding breeders’ association in Paraná. His family owns 360 hectares of land (which allows access to traditional real estate financing), has more than 500 head of cattle; the tokenized 10 cows account for only 4% of the herd, and the loan amount is roughly equivalent to 1% of the land value.
What were the actual results of Cowmed and Simple Token’s tokenized livestock plan?
According to Protos, during the entire lifecycle of the tokenized livestock program, the actual disclosed returns for the two companies fell short of the set targets (unlocking 200 million Brazilian reais by the end of 2026) by about 99%.
How is Cowmed’s competitive position?
According to the report, Cowmed’s revenue last year was under $3.6 million and its valuation was $6.2 million; competitor Halter completed a $220 million funding round in March this year, reaching a valuation of $2 billion, leaving a wide gap between the two.
