According to Alex Blyumkin, chief executive at Petroteq Energy Inc. (TSX-V:PQE)(OTCQX:PQEFF), blockchain technology and cryptocurrency share some of the same features as escrow accounts with respect to security and frictionless transfer of funds.
Blyumkin isn't alone, many in the tech space see the potential for these emerging technologies to replace legacy practices to make them more efficient, secure and faster.
On Tuesday, Petroteq said it is developing a method to bring the "same transaction security to our oil transactions."
Furthermore, the Studio City, California-based integrated oil and gas company says it is setting up and electronic wallet, which will accommodate customers looking to invest in Petroteq with digital currencies, which will initially be restricted to Bitcoin and Ether, the two most popular cryptocurrencies on the market.
The company is looking to capitalize on a trend associated with the frenzy surrounding cryptocurrencies where companies have turned to raising capital via the issuance of digital tokens or issuing new securities that can be bought with the digital assets.
PQE management noted in today's release that over $4 billion has been raised by investors investing in companies through cryptocurrencies as of December 2017.
"We want to harness that liquidity to increase value for our shareholders. That is why we are developing the tools to enable cryptocurrency-based investors to participate in future Petroteq offerings," said Blyumkin in today's statement.
Shareholders seem to appreciate the outside-the-box efforts, bidding up shares of PQE by 3.7% in Tuesday trading to $1.40 with about 15 minutes left in the trading session.
