Petroteq, a company focused on the development and implementation of proprietary technologies for the energy industry, today announced it is developing the ability to accept cryptocurrency for both the sale of its oil products and equity.
Alex Blyumkin, CEO, stated
“In January CNBC ran a piece on how more and more high-end real estate transactions are being handled using cryptocurrency. This is because cryptocurrency and blockchain technologies possess some of the same features ESCROW accounts are used for to assure that funds and assets transfer smoothly and fairly. We are developing a method to bring this same transaction security to our oil transactions.”
Additionally, the Company is setting up an e-wallet so it will be in a position to accept cryptocurrency, initially limited to Bitcoin or Ether, for the purchase of newly issued securities of the Company. According to Forbes, as of December 2017, more than $4 billion had been raised by investors investing in companies through cryptocurrencies.
Mr. Blyumkin went on to state:
“It is clear that billions in capital is looking for assets to purchase using cryptocurrencies. We want to harness that liquidity to increase value for our shareholders. That is why we are developing the tools to enable cryptocurrency-based investors to participate in future Petroteq offerings.”
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit Petroteq.energy and PetroBLOQ.com.