Sir Richard Branson’s Extreme Tech Challenge (XTC) 2018 has a winner and its – Power Ledger, a blockchain startup based in Australia.
The Extreme Tech Challenge sets out to provide entrepreneurs with the right tools to help them build their tech products. Power Ledger received endorsements worth millions of dollars in a ceremony that took place at the Virgin Founder’s Caribbean island this weekend.
The judging duration took nine months to finalize the winning team. During this period, Power Ledger implemented its solution and launched three different applications.
The blockchain company was launched in 2016 and raised $34 million AUD in its ICO the following year with a mission to provide peer-to-peer electricity to people through the use of blockchain technology.
“(On) both sides of the United States we’ve got energy trading occurring within utilities… and we’re working with Silicon Valley power and the city of Santa Clara to develop a carbon trading derivative platform,” said Martin. He added that it was an honor as well as a “massive endorsement” for the company to receive support from Branson.
In today’s news, Power Ledger announced that its latest product: Asset Germination Event (AGE) token. The security token will be shared among retail investors who co-own renewable energy assets. This token will encourage people to invest in clean energy and share their profits on a decentralized network.
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