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N Touch
Friday 22 June 2018
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Bartercoin: TT joins digital coin revolution

THIS country has joined the digital currency revolution.

BarterCoin Exchange Ltd and Zip Coin, through Rentier Company Limited, will launch with a gala event at Hilton Trinidad and Conference Centre tomorrow. Rentier Company Limited has partnered with an international team to establish BarterCoin exchange.

In a media release, the company said, “Our executive team has been on a promotional campaign in London, Dubai, China and the US.

Two offices are established in London and at the World Trade Centre in New York. As part of the infrastructure for facilitating this digital currency, BarterCoin Exchange Ltd, was duly incorporated under the laws of the Republic of Trinidad and Tobago and is head quartered in Port of Spain.”

Unlike Bitcoin, BarterCoin allows you to cash out after six months on the platform.

BarterCoin is offering 1 billion coins and seeks, it said, “to contribute to the branding of Port of Spain as the 22nd century financial capital of the region and a pioneer in financial services; targeting global markets.”

While other currencies have been launched globally, BarterCoin is head quartered in TT. The launch of the digital currency also promises job creation.

The press release added, “The company anticipates that upwards of 50 to 100 direct jobs will be created within the first year of operations and an estimated 300 indirect jobs.

The job creation does not only end with T&T but for the Caricom region, an estimated 105 direct jobs and estimated 450 indirect jobs will be created through BarterCoin’s existence.”

The company added that Bartercoin as a tradable asset is secured by gold, silver and corporations. BarterCoin Ltd intends to register on the local stock exchange and conduct an IPO, with the view of facilitating the citizens of T&T participation at another level and grow value from their investments, the company release added.

In what was called “the first Token Generation Event” the company sold “300 million coins at US $1 per coin in three minutes which has since appreciated to US$4.92 per coin.

This also comes on the heels of neighbouring Venezuela launching its national cryptocurrency called the petro.

Since its launch the petro has raised US $735 million. A February 22 article on moneycontrol.com said, “Venezuelan President Nicolas Maduro on Wednesday claimed the pre-mined cryptocurrency Petro, the first such token issued by a sovereign government, has raised USD 735 million on the first day of its pre-sale.

The oil-backed coin was offered for pre-sale on a discount starting Tuesday, the same day Venezuelan government released the white paper and buyers’ manual.”

The article further states, “The government will issue 100 million coins of Petro of which 38.4 million is available for pre-sale and 44 million coins will be offered in an ICO in March. The rest 17.6 million coins will be retained by the Venezuelan Superintendency of Currency and Related Activities (SUPCACVEN).”

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