Upcoming ICO: Russian Oil Drilling Mud ICO Surfaces

The upcoming ODMCoin ICO is designed to capitalize on the massive amounts of oil that are drilled in Russia and make the planet cleaner in the process. Instead of liquid gold, ODMCoin is looking to oil-drilling mud for its fortunes. And instead of turning to traditional venture capital backing, the startup has scheduled an upcoming ICO for funding. 

Russia is a top oil producer in the world, drilling hundreds of millions of tons of oil annually. Oil drilling mud is a byproduct of oil drilling comprised of oil, soil and water, and Russia, given the massive oil reserves in the country, has millions of tons of it. Often this sludge is buried in the earth, which threatens to contaminate the soil and drinking water of the locals. 

The ODMCoin ICO is behind the technology to clean and process this mud waste for other applications across construction, infrastructure and energy, for instance, in way that not only generates a profit but slashes any enviornmental collateral damage. The founders of the project have been stymied by sanctions, a tough credit environment and lack of investment, all of which has led to the startup’s upcoming ICO. The startup says it has signed a contract with one major oil driller in the country for a ton of oil and for which processing begins in February 2018. 

The Upcoming ODMCoin ICO Promise 

The ODMCoin token is built on the Ethereum blockchain. The token is a derivative backed by the “average market price on oil drilling mud processing,” which according to the company is currently USD 132. They plan to repurchase the tokens. Therefore, they are promising investors that they will earn 100% return in eight months as long as they join the upcoming ICO. To make a promise for any investment is a risky practice and it should raise the eyebrows of investors even if the coin is backed by oilfield contracts. 

The ODMCoin ICO launches on Dec. 1 and the company has set a series of targets, including a USD 1.4 million soft cap and a USD 4.2 million hard cap. ODMCoin raised USD 200,000 in its ICO pre-sale.