New York-based Signal Capital Management announced the launch of their PetroDollar cryptocurrency.
On March, 12 New York-based Signal Capital Management announced the launch of their PetroDollar cryptocurrency.
This was reported on the official website of the company's project.
The "white paper" of the project states, each PetroDollar will be backed by oil, gas and gas assets. It is noted that one token will be backed by a minimum of 13 barrels of oil.
The issue of PetroDollar will be limited to 500 million tokens (450 million of them will be retained up for sale). It is expected its ICO will be launched at the end of this year. Signal Capital Management hopes to attract about $700 million.
Signal Capital Management reported, 25 million tokens have already been issued and transferred to a affiliated oil company, which now can start producing gas and oil reserves, which will back the PetroDollar cryptocurrency.
The developers hopes PetroDollar will be “tradable worldwide outside of the traditional banking system” and they want it to be “in (the) Top 20 cryptocurrencies by total market value”
To handle crypto and fiat transactions, PetroDollar will use the Ethereum services.
As you remember, recently Venezuela had launched first oil-backed cryptocurrency — the Petro (besides oil, it is backed by gas and Venezuelan diamond reserves).
Nicholas Maduro said that during pre-sale Petro has collected more than $5 billion and has reached over 186,000 certified purchases.