Petroleum (COIN:OIL) As Managed Ethereum Smart Contract Token Designed By First Bitcoin Capital Corp To Be Launched With Each Token Indicative Of A Barrel Of Oil
TEL AVIV, ISRAEL / ACCESSWIRE / February 21 2018 / First Bitcoin Capital Corp (OTC PINK: BITCF), a prolific generator of more than 100 unique cryptocurrencies has launched “Petroleum” coin designed to become a commodity-based utility token employing the Ethereum ERC20 BlockChain protocols with trading symbol “OIL” in order to provide a liquidity and management solution to global petroleum industry participants.
In order to capitalize on the excitement surrounding Venezuela’s move to back its own cryptocurrency with that country’s oil reserves and to fulfill BITCF’s preparations prior to the oil-producing nation’s announcement, First Bitcoin Capital Corp wasted no time in setting the stage to beat Venezuela to market.
The Petroleum (COIN: OIL) Smart Contract development creation occurred 2 months ago, as can be witnessed in the following Etherscan explorer link: https://etherscan.io/token/0xd938959d215d84b668d39848785d76d298466f19#readContract
While a small amount of activity regarding Petroleum (COIN: OIL) may be seen on Ethereum explorers, those issuances and test transfer amounts identifiable are not available for cryptocurrency markets nor are any of these tokens yet backed by oil or any other asset. The Petroleum tokens will only begin trading on exchanges upon 1 barrel of oil supporting each outstanding OIL token through legally binding trust agreements in conformity with all relevant laws, rules, and regulations.
The Company intends to exclusively incorporate Petroleum (COIN: OIL) into and have it function as an integral part of the upcoming PetroBloq energy trading platform which is being developed as a joint venture between Petroteq Energy, Inc and First Bitcoin Capital Corp.
The growing trend and potential for tokenization of commodities is significant based on the success of Tether (a coin that is backed by $USD and is trading more than $2 billion per day on international cryptocurrency exchanges in more than 400 markets) combined with the massive size of global oil reserves.
First Bitcoin Capital’s CEO, Greg Rubin stated that “Petroteq’s and First Bitcoin’s revenue model for our joint venture known as “PetroBloq” includes earning fees from those oil producers that elect to utilize our Ethereum tokens as a means to achieve greater liquidity and manageability of their oil production. Interested oil producing nations and companies are invited to join us in this decentralized revolution by emailing [email protected]om“or [email protected]
Petrobloq (www.petrobloq.com) will be the first Blockchain based platform developed exclusively for the supply chain needs of the Oil & Gas sector. The Upstream, Midstream and Downstream industries each have their own challenges and complexities. Petrobloq anticipates that its users will enjoy cost and time savings, increased transparency and the ability to mitigate the constantly evolving geopolitical atmosphere and market fluctuations. PetroBloq enjoys membership in the Enterprise Ethereum Consortium which is made up of 200 prominent members including major firms such as Accenture, BBVA bank, Deloitte and Microsoft. A subsidiary of Pemex was the first oil producer to join the Petroloq consortium.
ABOUT PETROTEQ ENERGY INC.
Petroteq Energy Inc. is a Canadian-registered holding company, publicly trading on the TSX Venture Exchange (PQE) and the OTCQX trading platform (PQEFF). Its offices are located in Toronto, Ontario, Canada, Los Angeles, California and its initial oil sands processing plant is in Vernal, Utah.
Petroteq is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies. The proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. The Company is currently focused on developing its oil sands resources and expanding production capacity at its Facility at Asphalt Ridge, Utah. The Company also is developing through PetroBloq an advanced blockchain solution for the energy industry, with a goal of optimizing petrochemical industry workflow processes, (ii) has a joint venture with Recruiter.com and Oilprice.com that provides internet-based job placement and career services to the increasingly skilled and specialized energy sector, and (iii) owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc.
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTCM PINK: BITCF) began developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange – www.CoinQX.com (in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and BlockChain-centered Company, we provide our shareholders with diversified exposure to digital cryptocurrencies and BlockChain technologies.
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company’s filings, which are on file at www.OTCMarkets.com.
SOURCE: First Bitcoin Capital Corp.