Venezuelan Banks to Use El Petro to Display Balances

First two banks that started to demonstrate users' balances in El Petro are Banesco and Mercantil
07 November 2018   1493

Some Venezuelan banks began to display the balances on users' accounts in the national cryptocurrency El Petro, reports.

User's balance in El Petro
User's balance in El Petro

Thus, despite the fact that the majority of residents are not particularly interested in using “oil-secured” cryptocurrency, financial institutions of the country carry out the orders of the authorities, actively integrating the new means of payment into online banking. This includes, in particular, the Venezuelan banks Banesco and Mercantil. The source also reports that BBVA Provincial and BFC will soon follow the example of these banks.

In August, the authorities of Venezuela, within the framework of the monetary reform, denominated the local currency, depreciated due to hyperinflation. Five zeros were removed from the nominal value of the old monetary unit. The authorities also promised to link a new monetary unit, bolívar soberano (“sovereign bolivar”), to the digital currency of El Petro. In addition, the head of state Nicolas Maduro announced the binding of the system of prices and wages.

After some time, Reuters conducted a journalistic investigation, during which it became clear that El Petro isn't backed by anything.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   1010

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.