PetroDollars Blockchain platform that is based in New York City, USA is rebranding to distance its name from the name ‘Petro Dollars’ to PDX. The announcement that was made on Monday 12th November seeks to attract more users and propel the Token on its roadmap of success particularly on its ICO crowdfunding target and adoption.
The rebranded PDX Coin is expected to be among the top 20 largest Cryptocurrencies in the world since it is designed to facilitate cutting-edge payment solutions, app-based payment networks, and many other unique features that the PDX team expects to be the silver bullet for the Digital Asset.
The Name ‘PetroDollars’ Can Be Mistaken With Venezuela’s Petro Cryptocurrency
Venezuela has a national Cryptocurrency that is backed by the nations massive oil resources that are believed to be worth over trillions of dollars in petrol money. Hence, the tag PetroDollars can be mistaken to be the Venezuela Token that is not only banned in the US under the Federal sanctions but also discouraged by the Cryptocurrency community and experts who question the protocols, the features of the Blockchain, and the ties to the Nicholas Maduro government that is deemed as unfit on moral grounds. Hence, ‘PetroDollars’ identity may have contributed to the lack of investor enthusiasm on the American Token.
About PDX Ongoing Pre-ICO And Coming ICO
PetroDollars is a unit of Signal Capital Management based in New York. The new focus on PDX Blockchain and PDX Coin is expected to play a crucial role in the capital formation ambition of the firm.
Currently, the Pre ICO-is underway and PDX has raised millions of dollars and expecting to raise $15 million more to close its pre-ICO cap. The global ICO is expected to go live in Q1 2019. The hard cap is expected to be $1 billion that will be utilized in developing protocols of a fully functional and unique Blockchain platform.
One of the major contributors to the capital collection is a Houston Texas based company called OilCo Acquisition Holding Inc. This financing deal is expected to bring $40 million on a private funding scheme in an agreement that will lead the firm to change its identity to PDX Energy Inc.
It is important to note that PDX has ties to the oil and gas business where these resources will be used as a security to back the PDC Coin just as in the case of Venezuelan Petro Cryptocurrency.
PDX Coin Is Energy-Backed
In the initial stages of the roadmap, PDX Coin will be backed up on oil and gas, but this is expected to change in the later cycles when the PDX Energy Inc diversifies and adopts green energy solution as a backup resource. This factor is expected to stabilize the Token and ensure that it fluctuates according to the price movements of these energy resources. Stablecoins are integral to the growth of Crypto markets since they attract investors who are skeptical about volatility risks to be investors.
On the perspective of PDX Coin features, the platform is a decentralized/hybrid centralized banking solution. There is an emphasis on transaction speeds, security, nil charges to PDX Coin holders, etc. The end result is for PDX to be applicable in technology, telecommunications, and healthcare industries.