Thursday, 05 October 2017 10:03

Blockchain firm DigitalX adviser for energy trading company's ICO

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Perth-based blockchain solutions firm DigitalX has been appointed as an adviser for the initial coin offering by blockchain energy trading company Power Ledger.

This follows a pre-ICO or token generation event during which Power Ledger raised the equivalent of A$17 million in digital currency.

Power Ledger is now offering 140 million POWR tokens as part of the main offering. The sale will end on 6 October.

The company, a Perth-based start-up, uses blockchain technology to allow households to trade excess solar power over the electricity network.

The POWR tokens will be auctioned to the public in order to generate interest from solar energy developers, renewable energy projects, retail investors and speculators.

The tokens will be offered through the Ethereum cryptocurrency network in an uncapped price offer, meaning the final price will be determined by market demand.

Last month, DigitalX acted as a guide for Europe-based Bankera in the biggest pre-initial coin offering, aimed at raising €25 million (A$37 million).

“DigitalX is quickly becoming a market leader for ICO advisory services and we are pleased to be able to work in a strategic role to the Power Ledger project," DigitalX chief executive Leigh Travers said.

"Power Ledger is bringing sustainable energy to the peer-to-peer marketplace utilising blockchain technology and the engagement highlights Australia as one of the global leaders in Blockchain adoption."

Retailer Origin Energy recently announced a three-month trial with Power Ledger to explore peer-to-peer energy trading across a regulated network.

“Blockchain technology and cryptocurrency underpins our business offering and we are excited to be working with Perth-based DigitalX” said Power Ledger chairperson Dr Jemma Green.

"The POWR tokens will be transferable on the Ethereum blockchain and can also be converted to ‘Sparkz’, which is the currency we have set up for users to trade electricity using the Power Ledger platform."

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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