Weiss Ratings, which made news with NEO’s A- rating earlier this week, has suggested that the Venezuelan government’s cryptocurrency, the supposedly oil-backed Petro, has failed to find a single investor since its launch.
Officials had been seeking high-level investment in the coin, which was meant to help plug the gap in the country’s finances and also protect against hyper-inflation, and had sent delegations to the Gulf and other OPEC countries in the hope of reaching its $1bn target.
According to Weiss, however, the well is so far fry. “We know the address that holds the Petro tokens on the NEM blockchain,” the company said in an e-mail newsletter on Thursday. “We know this one address holds literally the entire Petro token supply. We also know there has been no movement so far. None. The Petro hasn't raised a dime.”
It also added that there is no evidence of a mechanism for attaching its oil wealth, adding that it is, essentially, worthless. “Their crypto projects are bound to fail - and become a forgotten footnote in the future archives of history,” they concluded.
Upcoin readies for launch
The widely anticipated “game-changing” exchange Upcoin will go live today, with the aim of becoming the world’s number one crypto exchange. With more than 400,000 pre-registrations in the first six days of its launch, the cryptomarket ought to experience something of a bounce as people try it out – not least as it offers investors access to 100 coins from day one. It promises to be the fastest exchange on the market, able to process five million transactions a second.
SBI holds its exchange back – again
Japanese banking giant SBI Group has once again postponed the launch of its new cryptocurrency exchange, called SBI Virtual Currencies, citing a need to boost security measures. Although it has already started offering registrations for HNW investors, applications from ordinary customers has been pushed back, saying it will need more time to address security and its customer management system.
Pension-planning on the blockchain
A new smart contract-powered retirement planning platform is bringing the blockchain to long-term savings. Auctus believes it can help people saving for their retirement take back control of their financial futures by eliminating intermediaries, boosting transparency and reducing or even eradicating fees – all of which are issues with current fund-based plans. Savers on the Auctus platform can build their portfolios – cryptos, equities, bonds, funds – based on community advice from expert advisors or analytics-driven automation, with good advice from the community rewarded with AUC tokens, the platform’s token.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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