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 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.
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 (COIN: OIL) Smart Contract development creation occurred 2 months ago, as can be witnessed in the following Etherscan explorer link: 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. TEL AVIV, ISRAEL / ACCESSWIRE / Febru/ 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.
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