#PRE-ICO : PETRO TOKEN

image source: crypto-line

PETRO QUICK FACTS

• Issued by the Venezuelan government as a sovereign crypto asset, making it the first cryptocurrency issued by a federal government.
• The main intent of #PETRO is to create a legal tender known as #PETRODOLLAR (#XPD) that is independent of the USD, for trade settlements.
• PETRO COIN’s price is to be backed by the country’s oil assets.
• The pre-ico commenced yesterday, and saw price move from $0.024 before the pre-ico, to $0.035 as at the second trading session of the pre-ico.

PRICE HISTORY OF XPD

The PETRO (XPD) advanced by 352bps yesterday to close at $0.0241, as the pre-ico commenced. Notably, value traded increased by 22.7%. Aggregate value traded appreciated by 22.7%. Notably, investors exchanged 100,377, an increase of 778.5% when compared to what was reported at the previous session. The market was buoyed by investors’ confidence, backed by the fact that the coin is a government coin (the first of its kind).

EXCHANGE PLATFORMS
Binance, Poloniex and Bittrex are yet to add Petro (XPD) on their exchange platforms. Infact, as at the time of writing this report, there are only two known exchanges that trades XPD, namely:
Cryptopia: offers exchange of Petro (XPD) for BTC only
Yobit: offers exchange of Petro (XPD) for BTC, DOGE, and USD.

CONCERNS

• Guidelines for internal control manual only included the table of content, without the actual contents.(made it seem like something hurriedly put together)
• Relies on ERC20 token platform
• Opposition-congress in Venezuela and US government are against it

CONCLUSION
Looking at the authority backing Petro, the coins is expected to be on high demand and the low Pre-ICO pricing creates a platform to test the waters. Hence, we expect the price of XPD to continue to rise as investors’ take position ahead of the full commencement of the coin.

Disclaimer: This report is prepared with due diligence based on publicly available information as well as analysts’ knowledge and opinion, thus, does not guarantee its accuracy or completeness as the sole investment guidance. Therefore, I will not be held responsible for any loss suffered from the reliance on this report.