New Venezuelan Crypto "Petro Gold" Announced

According to president of Venezuela, Nicolas Maduro, new coin will be backed by gold
22 February 2018   538

Two days after the beginning of "petro" presale, which already raised 735 million dollars, Venezuelan President Nicholas Maduro announced another crypto currency, provided with a resource of raw materials. This is reported by the Reuters

The new digital token will be called "petro gold" - instead of oil it will be provided with precious metals.

Next week I‘m going to launch the petro gold, backed by gold, which is even more powerful, that will strengthen the petro.

Nicolas Maduro

President, Venezuela

It is not yet clear which gold will support the "petro gold" - it can be either gold already mined or gold still lying in the bowels of the country. No details about the new currency, except that it will be launched next week, has not yet followed. However, this announcement is unlikely to help "petro" and the Venezuelan government, which is criticized literally from all sides.

In the "petro" many see a poorly thought-out solution aimed at stimulating the weakening economy of Venezuela, where the currency has been in free fall for several years, and inflation has reached 600%. Some financial experts even refer to Venezuela's "oil" crypto currency as a "trick" and "counterfeit currency."

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   39

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.