Signal Capital Management is launching a cryptocurrency backed by oil and gas reserves. The new currency will be called PetroDollars and will be backed by the value of recoverable reserves of crude oil and equivalents, reports. PetroDollars will join other recently launched cryptocurrencies backed by oil, such as Venezuela’s el petro (XPD). Petrodollars are currently undergoing regulatory review and will be sold to only accredited investors in the U.S. and globally, Signal Capital says. The company is planning an initial coin offering late this year. Read more here.

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