//New petro-backed cryptocurrency set to increase competition in global oil markets

New petro-backed cryptocurrency set to increase competition in global oil markets



Investment and holding company Signal Capital Management announced March 12 that it would launch the PetroDollar (XPD), a cryptocurrency backed by oil reserves, natural gas, and similar commodities. It also boasts to be the “world’s first globally compliant” digital currency, OilPrice reports.

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