Perth-based Blockchain start up Power Ledger has secured DigitalX Limited (ASX: DCC) to advise the company in its initial coin offering (ICO).
As a Blockchain enhanced payment solutions company, DigitalX chief executive officer Leigh Travers said the company was “pleased to be able to work in a strategic role to the Power Ledger project.”
Power Ledger uses Blockchain technology to enable households to trade excess solar power over the electricity network.
Recently, Power Ledger raised about $17 million in digital currency after a pre-ICO “token generation event”.
Under the arrangement with DigitalX, DigitalX will introduce cryptocurrency investors to Power Ledger in return for a fee consisting of a mix of POWR and Ethereum tokens. According to DigitalX, it has a 50,000-plus investor network which includes lead investors throughout Australasia.
“Blockchain-enabled innovation is disrupting traditional industries and digital currency is changing the way companies access capital,” Travers said.
DigitalX will assist Power Ledger with auctioning 140 million POWR tokens to the public to generate interest from retail investors, solar developers, renewable energy projects and speculators.
The POWR tokens will be offered via the Ethereum cryptocurrency network at an uncapped price.
In addition to ICO advisory, DigitalX provides blockchain consulting and software development services.
DigitalX has been busy in recent months with positive market announcements including one in mid-August offering its Blockchain consulting services to the ICO market.
Then, early last month, DigitalX entered a joint venture with Stargroup Limited (ASX: STL) to offer a “two-way ATM” solution for buying and selling Bitcoin.
The Bitcoin market is one of the world’s fastest growing industries, expanding from $20 billion at the beginning of 2017 to more than $70 billion.