DigitalX advises Power Ledger on Australia’s first Initial Coin Offering (ICO)
DigitalX Ltd advises that it has been engaged as an advisor to Blockchain energy trading company Power Ledger for its Initial Coin Offering (ICO).
Following a pre-ICO or “Token Generation Event”, in which Power Ledger raised the equivalent of AUD$17 million of digital currency, Power Ledger is offering 140 million POWR tokens as part of the main sale.
POWR tokens will effectively be auctioned to the public, generating interest from solar developers, renewable energy projects, retail investors and speculators.
“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.
“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.” said DigitalX CEO Leigh Travers.
Power Ledger is a Perth-based start-up that uses Blockchain technology to allow households to trade excess solar power over the electricity network.
Major Australian power retailer Origin Energy recently announced a three-month trial with Power Ledger to explore the benefits and challenges of 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 Chair Dr Jemma Green.
POWR tokens will be offered via the Ethereum cryptocurrency network in an uncapped price offer, meaning the tokens’ final price will be determined by the market demand.
“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,” said Dr Green.
As part of the engagement, DigitalX will introduce cryptocurrency investors to Power Ledger in exchange for a fee which consists of a mix of Ether (ETH) and POWR tokens.
“Blockchain-enabled innovation is disrupting traditional industries and digital currency is changing the way companies access capital. DigitalX is pleased to be able to facilitate this quantum shift in traditional mechanisms for accessing funding,” said Mr Travers.
DigitalX has also advised on the ICOs of digital contracts company Etherparty and the world’s largest digital bank, Bankera.
DigitalX has already confirmed investment in PowerLedger from the HCash foundation. Hcash is the first public blockchain established in Australia, also known as HyperCash.
The ICO or public sale will conclude on Friday 6 October 2017.
More information is available at https://powerledger.io/