Renewable energy services provider WPO has won approval from the French financial markets regulator to raise funding through a public token offering, or ICO.
The Autorite des Marches Financiers (AMF) granted the ICO approval under its “ICO visa” scheme on May 12, which is expected to run from September 8 through to November 12.
Launched as part of a comprehensive legal framework for cryptocurrencies in 2019, ICO visas are designed to minimize risk for investors. Applicants must show the AMF they have provided all relevant information about the sale, as well as the risks involved, to sale participants.
WPO will hold a sale of its GreenToken (GTK) – an Ethereum ERC-20 standard token – with the expectation of raising €10 million ($11.2 million). GTX will begin trading at around €0.95 ($1.06).
GTX will be able to be used to acquire and value goods and services from WPO and the GreenToken Network, a “professional community actively engaged in the operation and optimisation of renewable energies,” the firm said.
On Dec. 1, 2020, the token will become tradable on the French cryptocurrency exchange SAVITAR, as well as directly on the GreenToken network.
“This approval from the AMF is a key milestone to bring clarity and trust for investors. We are very proud to receive this approval and publicly offer this incredibly innovative tool, the GreenToken, to immediately invigorate and optimize the production of renewable energy,” said WPO’s CEO and founder, Barthelemy Rouer.
Founded 12 years ago, WPO is an independent renewable energy services platform operating in 10 European nations. According to its website, the firm manages around 5 gigawatts in it portfolio.