Australian Blockchain Startup Power Ledger Completes ICO

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

Power Ledger raised $34 million and 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.