Bitcoin

Bitcoin Daily: Sinochem To Launch Energy Blockchain Platform; 20 New Bitcoin ATMs Could Be Coming To Colombia

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Sources have said that Sinochem Energy Technology Cois in talks with Royal Dutch Shell and Macquarie Group to build an energy blockchain platform.

The subsidiary of state oil and chemicals firm has reportedly valued its platform, named Gateway, at 100 million yuan ($14.10 million).

“Sinochem group has set an internal deadline for the technology firm to bring in strategic investors by the end of September, or the latest October, because the firm is in deep loss,” said the source, according to Reuters.

In other news, cities around Colombia could be getting some new bitcoin ATMs.

A partnership between bitcoin exchange, Paxful, and crypto ATM company, CoinLogiqbetween, could deliver 20 new bitcoin ATMs into the country, allowing users to buy the crypto using cash, credit and online debit transfers.

Colombia is already home to 46 bitcoin ATMs, according to CoinDesk. In fact, a survey of 1,000 internet users found that nearly 80 percent of Colombians are open to investing in cryptos.

However, the digital currency does have some roadblocks ahead. Two years ago Colombia’s central bank, Banco de la República, ruled that crypto is not legal tender, while the Superintendencia Financiera said financial institutions cannot invest, broker, or manage virtual currencies.

And Paxos Trust Co. announced the launch of PAX Gold, the first crypto-asset redeemable for physical gold.

“In a digital and global financial system, owning physical gold is a cumbersome, outdated investment; it’s not easy to trade, divide, move or leverage against other investments,” Charles Cascarilla, CEO and co-founder of Paxos, said in a press release. “While it’s easy to trade gold derivatives — ETFs, futures and unallocated gold — these are synthetic representations, not legal ownership of physical gold, and have limited accessibility. Gold purchased through unaccredited retail outlets is not only expensive, but also risky as the quality and provenance of the gold are unverified.”

“PAX Gold solves these fundamental challenges,” she added. “It’s as easy to trade as ETFs or bitcoin, is extremely mobile and divisible, and it also gives holders ownership to the highest quality gold in the world. It’s never been easier to own or trade gold and we are thrilled to give both institutions and individuals access to gold in a faster and cheaper way. By putting gold on a blockchain, we’re democratizing access to gold.”

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