Venezuela Announces Pre-Sale of Petro

Nicolas Maduro has announced the pre-sale of the national oil-backed cryptocurrency, the Petro, and signed the official Petro’s whitepaper
31 January 2018   873

The President of Venezuela Nicolas Maduro has announced during the meeting of the council of ministers on Tuesday that the pre-sale of the national oil-backed cryptocurrency, the Petro, will begin on February 20. The president has also presented and signed the official Petro’s whitepaper and unveiled the Petro Container for mining the new currency.

The meeting of the council of ministers on TuesdayThe meeting of the council of ministers on Tuesday

We have reached the future. Venezuela advances as an economic power. Venezuela is at the forefront of the world, and we are going to accelerate permanently the start-up of the cryptocurrency, the petro.

 

Nicolas Maduro

The President of Venezuela

The president added that the petro pre-sale will be “through ERC20 tokens.”

The whitepaper details “the functions, vision, and conditions” of the petro, Maduro said. However, despite many Venezuelans asking on social media for access to it, the whitepaper has not been released to the public yet.

During the meeting, Maduro also announced his intention to accelerate the entry into the operation of el petro cryptocurrency and mining farms through the Petro Container, which he unveiled at that time, adding that all the savings banks in the country can have their mining farms and participate in el petro.

Maduro first announced the creation of the petro in early December. Then he assigned over 5 billion barrels of crude oil to back the new currency and announced the issue of 100 million units. However, the Venezuelan National Assembly soon declared the petro illegal and cannot be backed by oil.

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.