Venezuela Claims Petro Cryptocurrency Has $3B USD Raise

Announcements, ICO News, News | March 2, 2018 By:

Venezuela’s President Nicolas Maduro has announced that the country’s oil-backed cryptocurrency, the Petro, has raised $3 billion from 171,015 certified purchases from investors in 127 countries.

During a speech aired by the Venezuelan Television State Channel, Maduro said 40.8 percent of the offers were placed in US dollars, 33.8 percent in bitcoins, 18.4 percent in ethereum, 6.5 percent in euros and 0.2 in yuans. The president added that about 87,284 users made offers to acquire Petros, of which 3,523 are companies and more than 83,000 are individuals.

Local newspaper Correo del Orinoco has named some of the countries that contributed in the sale. They include Afghanistan, Albania, Germany, Andorra, Angola, Antigua and Barbuda, Saudi Arabia, Algeria, Argentina, Australia, Austria, Bahamas, Bangladesh, Barbados, Belgium, Belize, Belarus, Bolivia, Brazil, Bulgaria, Cambodia, Cameroon, Canada, Qatar, Chile, China, Cyprus, Colombia, South Korea, Costa Rica, Croatia, Cuba, Denmark, Ecuador, Egypt, El Salvador, United Arab Emirates, Slovakia, Slovenia, Spain, United States, Estonia, Philippines, Finland, and France.

“The Petro will influence the future of the economy, production, commerce and finances in our region, in South America and the Caribbean,” said Maduro, speaking at the Cantaclaro Theater in Caracas. “I call for no one to doubt the Petro. The Petro is the future of the cryptocurrency monetary system and Venezuela is on the lead. It’s the first country to create a digital coin, a state-backed cryptocurrency.”

According to the state-owned radio station Radio Mundial, Maduro said that “More than $3 billion dollars are reported after sales and transactions related to the Venezuelan cryptocurrency, the Petro.”

The report was confirmed on the website of the Venezuelan Ministry of Popular Power for Communication and Information (Minci), which quoted Maduro: “In the first seven days, since its [petro’s] launch, the state has received $3 billion dollars, which will be used to cover the financial needs of the country.”

Earlier this month, Maduro claimed that the Petro attracted $735 million in the first day of its pre-sale, but he did not provide any details about the initial investors and there was no evidence presented for his figure.