Energy Substantiation Launches Oil-Backed Token WTIC with $80K Value

Crypto startup Energy Substantiation has launched a new token called WTIC, which represents one barrel of West Texas Intermediate (WTI) crude oil. Unlike other tokens that are backed by futures or derivatives, WTIC is directly tied to physical oil.

The on-chain value of WTIC is reportedly around $80,000, according to company co-founder JP Thieriot. The token will be listed on LMAX and receive an additional $1 million in liquidity.

Energy Substantiation is collaborating with over a dozen commodity firms and oil suppliers, and is also in discussions with other exchanges and market makers.