Oil Reserves To Be Tokenized On the Ethereum Network

Ziyen Inc looks to position itself as a market leader in the blockchain space in the oil sector. It is the first such company to list oil assets on the Ethereum blockchain.

Ziyen CEO Alastair Caithness:

“We are now in a position to complete the tokenizing of a commodity on the Ethereum Blockchain; ZiyenCoin will likely become a market leader in the space”.

Ziyen plans to utilize the ERC-20 token standard with traditional compliance expected for securities. Each ERC-20 token sold by ‘ZiyenCoin’ will be enforced by a smart contract which will outline the securities obligations to holders.

The oil blockchain industry is quickly growing, and it is being pushed by the security token sector. Other companies in other sectors have attempted to make similar efforts, such as tokenizing gold bars or other metals.

Traditionally, oil is a market which demands high liquidity. Tokenizing these assets would further increase capital investment and make these rare assets more-easily tradeable. Overall, Ziyen is looking to position itself as a leader in this growing space.

The date for the STO is yet to be annonced.

More here