Venezuela claims raising $735 million in Petro Token ICO presale

Venezuela Raises $735m from ICO Presale: Venezuela has already created history by trying to raise money with the help of a cryptocurrency. The presale which was launched by the Pres managed to raise $ 735 million. The cryptocurrency which is being launched by the country is the Petro token. From the looks of it, the ICO presale was highly successful as well.

Increased acceptance:

The Pres seems to be pretty excited by the increased acceptance of the cryptocurrency. He further announced that the cryptocurrency will be accepted throughout the nation including at places like gas stations as well as consular services. Moreover, the president of Venezuela, Nicolas Maduro further stated that he has already authenticated the use of University resources for mining the cryptocurrency.

Up until now, the exact details of the Universities which will be used for mining are not disclosed. One of the last minute changes of the presale included the changing of the platform from the Ethereum technology to the NEM technology. Even in the white paper of the cryptocurrency, the Ethereum platform is mentioned.

The government has already launched instruction manuals as well as guidelines for the citizens as well as investors to create wallets in order to store the cryptocurrency. The Pres has also signed agreements with NEM platform and a Singapore-based cryptocurrency by the name of Zeus to create proper liquidity.

According to the office of the Pres, the mining of the cryptocurrency will usher in a new era in the country. It will propel the economy of the country.

The NEM platform clearly confirmed that Petrotoken which is being launched by Venezuela is using its blockchain as well as a platform in order to create wallets as well as conduct other cryptocurrency based activities.

This particular cryptocurrency is being closely watched. The reason for that is that it is the 1st cryptocurrency which is being launched by a country. This is the reason why it is being closely followed as well. The success of this cryptocurrency can probably inspire some of the other countries to launch their own cryptocurrencies as well. Currently, it is one of the easiest ways for the countries to raise money especially when their local economies are not good enough.

It remains to be seen the kind of liquidity which is present in the cryptocurrency in the future. For now, however, it seems like the cryptocurrency presale is sailed through and it will receive an enormous response during the actual ICO of the cryptocurrency.

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.


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