The Emirex exchange, a digital exchange platform headquartered in Dubai, has partnered with FRED Energy, a UK-based platform promoting greater adoption and generation of alternative energy. Emirex fully supports the company’s eco-focused values and efforts to accelerate the generation and usage of alternative energy. The listing of FREDX token is scheduled for the 22nd of March.
The Funding Research into Energy Devices project was founded in 2018 and started as a mineable coin on its own blockchain (FRED Energy). The project idea is to use cryptocurrencies and blockchain in accelerating the development of renewable and carbon-neutral energy devices.
In 2019 FRED Energy switched to the more eco-friendly blockchain Stellar via issuing FRED Energy tokens with the ticker FRED. FRED Energy has now launched an ERC-20 token (FREDX) alongside its Stellar based token as part of it’s liquidity plan. The aim is to increase awareness of its green energy related projects whilst providing blockchain interoperability between its assets on the Stellar and Ethereum networks via a swap app.
FRED Energу plans to help consumers accelerate the use and generation of alternative energy by playing a key role in the online market for alternative energy sources that accepts cryptocurrency. The project also collaborates with innovators in the field of energy devices to bring products to market for energy-conservation and production. The project will track its product battery packs by writing the state of the product to the blockchain (manufactured, retailed, returned, reused, recycled). It is estimated that just 5% of Lithium-ion batteries are recycled, the rest go to landfill.
In the future, the company plans to enter the electric vehicle charging market through niche segments and increase market share.
The favorable impact of the blockchain and the accompanying cryptocurrency on the ecological environment will lead to the growth of new technological capabilities of mankind. Currently, there are over 65 areas in which blockchain technology can be used to solve the most pressing environmental problems. The use of cryptocurrency should facilitate and provide access for the expansion of projects and their active development in the field of eco-friendly innovations. In this case, the partnership promotes greater inclusion of the crypto community in the preparation and participation in the development of eco-infrastructure, the organizational and financial capacities of which can be strengthene