Now that Power Ledger has successfully executed the ICO, the company would be focusing on developing its blockchain based peer to peer energy marketplace.
Recently, a perth based start up, Power Ledger, became the first Australian company to hold an initial coin offering for setting up a peer to peer energy marketplace. The amounts raised during the pre sale and main sale, far exceeded the fundraising goal set out by the company. The pre sale raised more than 17 million Australian dollars and by the time the main sale concluded this amount had well crossed 34 million Australian dollars, an amount equivalent to 25 million US dollars. I found it pretty interesting that 50% of funds were raised in fiat currency and the rest 50% in multiple cryptocurrencies like Ether, Bitcoin & Litecoin.
Now that Power Ledger has successfully executed the ICO, the company would be focusing on developing its blockchain based peer to peer energy marketplace. The beautiful thing about this concept is that home owners would be able to buy and sell excess solar power units, thus enabling savings of approximately $ 475 a year for the households.
Power Ledger is currently testing its blockchain platform in partnership with Australia’s largest retail energy provider, Origin Energy. This three month testing exercise will iron out any issues reagarding secure and accurate transmission of consumer data on the decentralised network.
Another positive outcome related to this ICO is that the Australian Securities and Investments Commission has issued latest guidelines for domestic companies interested in raising funds via the ICO model. ASIC is taking a pro active stance and inviting companies to connect with its Innovation Hub in order to determine what particular regulations would be applicable to individual cases.
About the Author: Gursimran Bhullar, MBA (Business Development) from Clarkson University New York, Entrepreneur, Crypto Enthusiast & Investor.
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