Power Ledger, an Australian business that uses blockchain technology to provide peer-to-peer energy trading, is carrying out an Initial Coin Offering (ICO) to raise equity and engage potential users in its trading network, Brisbane Times reports.
It's a test case for ICOs in the country as it's the first time a local company has carried out a coin offering.
The group, using DigitalX as an advisor, is offering 140 million POWR tokens sold through the Ethereum (ETH/USD) cryptocurrency network as its main sale.
"Peer-to-peer energy trading presents an opportunity to unlock enormous value for consumers, putting consumers in direct contact with other consumers," Power Ledger managing director David Martin said.
The POWR tokens will be offered in an uncapped price offer, with the tokens transferable onto the Ethereum Blockchain network for straight cryptocurrency trades, or converted to 'Sparkz', which is the internal trading currency set up within Power Ledger's energy trading platform.
The company is currently carrying out Australian trials with Origin, as well as trials in India with Tech Mahindra.