BOGOTA (Reuters) – An app that sends money in the form of tips from appreciative caffeine devotees around the world to coffee growers in Colombia could help farmers battered by dismal prices earn more income, the initiative’s founder said. Many growers in the Andean country, the world’s top producer of washed arabica, are struggling to scratch a living even though high-quality Colombian beans remain sought after by coffee drinkers around the world. Arabica coffee futures fell in May to their lowest level in more than 13 years, just 87.60 cents per lb, before recovering slightly to around 96 cents per lb. The low price has some farmers looking for alternative crops. It even led Colombia’s growers federation to float the idea of untethering production from international prices set on the New York market. But a former U.S. hedge fund manager, inspired by a stint working on a Colombian coffee farm to mount a non-profit effort to help growers, is hoping his tipping platform can help alleviate farmers’ burden and get consumers invested in the future of the crop. The ‘propina’ paltform, which launches worldwide on Friday, comprises two different apps. One will be displayed on iPads in coffee shops and… continue reading
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Source: CTRM Center