Australian Blockchain startup completes ICO

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That figure includes the $ 17 million of the firm, which is focused on applications for energy trading, raised in the presale that ended last month. Among the received cryptocurrencies, Power Ledger collected about 27,820 ETH, 1,050 BTC and 6,120 LTC. According to the Australian Financial Review, the token also attracted $ 13,23 million from participants, and it was supported by as many as 15,000 people.

According to the white paper of Power Ledger, the tokens are designed to be used to access the trading platform that the startup launches. They serve as a kind of common currency between the participants, acting as fuel for the intellectual contracts that govern the system, and also as an incentive for people who buy power through it.

The work of startup has attracted interest from several utility suppliers in Australia, including Origin Energy, one of the largest in the country. On the AFR, the startup is involved in tests throughout the region, including Western Australia and New Zealand. It is expected that work in this area will continue, according to Power Ledger CEO Dave Martin.