PetronPay is a security token that was issued by the platform with the same name. The digital company investing in oil that stands behind the project was founded and registered in 2019. According to the official website, it is based in Zurich, Switzerland. The LinkedIn profile of the company says that its headquarters reside in Abidjan, Côte d'Ivoire. Petron Pay established partnerships with big refineries that enable a big amount of purchase and provide high profitability of investing in this raw material.
The company has chosen to invest in petroleum, as it is a safe bet in the opinion of the company’s founder. Being the main source of energy, petroleum, also known as ‘black gold’, is the basis of development and one of the elements of global foreign and trade policy. 60% of the products supplying the industries use petroleum, so all these factors speak in favor of this long-term investment. The profitability of investing in this raw material is indisputable taking into account the volatility of the oil market. It is very alluring for many traders, so Petronpay takes advantage of it by inviting people to become members of its community and purchase petroleum as an investment.
Though huge price differences within a short timeframe and speculation on the price of oil can really bring much profit, investors flood to this platform. They are highly interested in the asset known for high liquidity and incredible profit opportunities, which are preserved practically in every situation and market condition. However, while analyzing oil prices, the customers seem to forget to examine the platform itself and the way it makes a profit.
PetronPay is a resource where the customers are offered to purchase one of the packages presented on the platform depending upon the amount of the investment. It varies from 25 USD to 1,999 USD. The service offers a high ROI. Clients are promised to get from 0.2% to 2.5% ROI on a daily basis. Users have to use Bitcoin to purchase the package.
The facility is international and offers its services in four languages: English, Spanish, French, and Italian, thus embracing the majority of global users. The site seems to be very popular at the time of writing judging by the high number of daily visits. The registration process is easy as users only need to verify their email addresses to start investing.
PetronPay employs multi-level marketing and doesn't practice retail sales. In this way, its structure resembles the structure of the MLM company that doesn't have a product for sale. The members of the community can earn more money by recruiting more people to join the platform. The structure resembles a pyramid.
There are 11 affiliate ranks in the company beginning with the Star rank users get upon reaching 3000 points. Then follows Two Star, Three Star, Ruby, Emerald, Sapphire, Diamond, President, Emperor, and Diamond Emperor, provided to those who have generated 10 million points. At the time of writing, the company arranges the promotion campaign that promises the top ten members of the community who reach the Sapphire goal, or 250.000 points a 3-days trip in Dubai, and a meeting with the CEO of the company PetronPay.
The pyramid method employed by the company is not sustainable and forbidden in many countries. It means that people on the top of the pyramid will get the highest profit while all the rest below it will lose most of their funds. Such structures are not durable and survive only thanks to new people coming.
With the growth of the DeFi market, the company also has decided to participate. One of the reasons for it as the site explains are problems that arose in different jurisdictions that created new laws and regulations preventing the activity of this company. Therefore, the platform launched its own PetronPay Security token that can be traded at Uniswap.
The PetronPay security token was released in May 2021. The team of the company promises its users to deliver all benefits generated on the platform. The holders of a considerable amount of PetronPay tokens are promised to get rewards and dividends. The details are not specified. The max total supply is 50,000 Petron. It can help as the company says to alleviate market-opening negotiations in each country.
The customers were offered to add the Ethereum address wallet to get tokens from the platform. The founders of the platform recommended MetaMask for the storage of PetronPay security tokens.
The CEO of the company is John Grant who only provided his Instagram account. He doesn’t have an account on the LinkedIn platform. No other members of the team are revealed. The project has many supporters thanks to high ROI that is not surprising for the Ponzi scheme.