Power Ledger P2P energy trading raised $34 million from ICO

Power Ledger has grossed AU$34 million by Australia's first IPO using virtual currency. Perth-based peer-to-peer (P2P) energy trading startup has organized ICOs to expand the blockchain-based trading system in Australia and around the world after conducting commercial trials in Auckland, Fremantle, Busselton and Tasmania.

Tinuku Power Ledger P2P energy trading raised $34 million from ICO

Power Ledger became the first Australian startup to hold an initial coin offering (ICO) to raise AU$5 million to AU$10 million, but the company quickly surpassed the target and generated more than AU$17 million before launching public ICOs.

At the end of public ICO on Friday has raised more than 34 million AUD (US$26 million). Half of these contributions come in traditional currency, while the rest are bitcoins, ethereum and litecoins.

The Power Ledger platform enables households, businesses, schools and community organizations to trade excess solar or battery power to each other cheaper than regular prices and open up potential markets for people to earn cash from electricity sales.

"We are really fascinated by the public response, it's amazing how people do not know us but they really like what we're doing," said Power Ledger Co-founder Jemma Green.

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