$34 Million: Australian Blockchain Startup Power Ledger Completes ICO

Power Ledger, a blockchain startup based in Australia, has raised $34 million in a token sale.

AccessTimeIconOct 6, 2017 at 2:00 p.m. UTC
Updated Sep 13, 2021 at 7:00 a.m. UTC

Australian blockchain startup Power Ledger has raised $34 million in an initial coin offering (ICO).

That figure includes the $17 million the firm, which is focused on energy trading applications, raised in a presale that ended last month. Among the cryptocurrencies accepted, Power Ledger collected roughly 27,820 ETH, 1,050 BTC and 6,120 LTC. The token also garnered $13.23 million from participants, and was backed by as many as 15,000 supporters total, according to the Australian Financial Review.

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

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

"It's a really solid war chest to build the business, broaden the applications and really make some solid inroads in peer-to-peer trading," he told the publication.

Power Ledger's successful round adds to the growing tally of funds raised through the model, which to date has exceed $2 billion, according to CoinDesk's ICO Tracker.

Image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.