Blog Archives

Venezuela’s Petro ICO Reportedly Raises $735 million

Posted on 21st February, 2018

According to a tweet from Venezuelan President Nicolas Maduro, the country’s oil-backed Petro cryptocurrency has raised $735 million on its first day. Sales of the highly controversial token began on Tuesday with deeply discounted sales (as much as 60%) to select investors. A larger-scale public sale slated for next month. If true, the launch would […]

Will OPEC Adopt Venezuela’s Petro Token?

Posted on 7th February, 2018

With the launch of Venezuela’s state-sponsored Petro token less than two weeks away, it’s hardly surprising that Venezuelan President Nicolas Maduro is looking to get other major financial players to support it. According to a new report from Al Jazeera, Maduro plans to court members and non-member states of the Organization of the Petroleum Exporting […]

Venezuela’s Proposed “Petro” Cryptocurrency Under Fire By U.S. Senators

Posted on 24th January, 2018

Last week, while most people in D.C. were focused on the looming government shutdown, Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) published an open letter to U.S. Treasury Secretary Steven Mnuchin expressing serious concern about Venezuela’s plans to launch a state-backed cryptocurrency. The proposed token, known as the “Petro,” was announced by Venezuelan President […]

Venezuela Announces New Oil-Backed Cryptocurrency

Posted on 4th December, 2017

On his weekly television address on Sunday, Venezuelan President Nicolás Maduro announced plans for the country to develop a state-backed cryptocurrency. Apart from revealing the proposed digital currency’s name — the Petro — and claims that it will be backed by the country’s oil, gas, gold and diamond wealth, Maduro provided few details about the […]