Venezuela’s President Maduro Orders the Country’s Leading Bank to Accept Petro Crypto

The country’s Finance Ministry tweeted on July 4 that Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency, the Petro (PTR) at all of its branches.

Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.”, according to the tweet. The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question.

On June 19, Maduro announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students to open one million Petro wallet accounts for the country’s youth.

“It is a bold and correct decision to move forward towards a hybrid economy where the fiduciary currency of a country competes face to face with cryptocurrency.”, commented the president of the country’s National Cryptocurrency Association José Angel Alvarez. (Neutral)

Tezos Into STO Deal with Major Financial Institutions

Blockchain project Tezos announced that it had secured a business partnership with Latin America’s largest standalone investment bank, Banco BTG Pactual S.A. and Dubai-based asset manager Dalma Capital with aim to use the Tezos Foundation’s blockchain for security token offerings (STOs).

Tezos will be set to develop an STO platform for BTG Pactual and Dalma Capital to materialize business deals worth more than $1 billion by tokenizing a wide array of traditional and alternative investment products.

The rapidly increasing tokenization of financial products was one of the key factors that encouraged BTG Pactual and Dalma Capital to ramp up their digitization efforts.

Commenting on the utility of the Tezos blockchain for the investment bank’s long-term tokenization plans, Andre Portilho, BTG’s partner has said:

“While the bank remains protocol and technology agnostic, and will continue to utilize the Ethereum protocol, we see Tezos as a global player with a robust blockchain for asset tokenization.”

In the same vein, Dalma Capital, stated that it has plans to further utilize Tezos for a slew of asset tokenization projects comprising of entities from core real estate to famous global sports clubs. “We see Tezos as one of the critical protocols for the burgeoning STO market, and look forward to securing future deal flow on the Tezos blockchain” Zachary Cefaratti, CEO of Dalma Capital, said. (Positive)

Tether Prints Another $100M in USDT

Tether, the company behind the world’s most popular stablecoin, has printed yet another $100M worth of USDT. All of the tokens were minted on Ethereum’s blockchain and have already been sent to Tether’s treasury address. The move comes right before the weekend, when most trading traditionally takes place.

Popular and rather controversial stablecoin issuer Tether has printed yet another batch of USDT. This time, the company issued a total of $100M USDT, all of which is based on the Ethereum blockchain. The transaction can be seen here.

According to Tether’s Transparency page, the overall amount of USDT in circulation on the Ethereum network is $1.1 billion, $37 million of which is authorized but not issued. In other words, Tether has printed around 10% of its entire amount on the Ethereum blockchain.

There have been plenty of moves of the kind recently. At the beginning of June,  the company had printed $150 million worth of USDT. (Neutral)