Marubeni Corp., one of Japan’s largest trading companies, is set to finance a blockchain-centered power trading system.
Recent reports indicated that Marubeni Corp. had approved of a loan to WePower, a blockchain project based in Lithuania. It’s not yet determined how much stake the Japanese conglomerate will have on the blockchain firm once the loan is converted.
WePower is said to have designed a platform that would permit small and medium-sized businesses to purchase power more efficiently from solar and wind-based sources using regulated digital power buying agreements.
According to a Reuters report, WePower plans to release billions of dollars’ worth of power production to minor projects in the Australian electricity niche which is losing big power consumers that will purchase massive quantities over an extended duration.
The WePower platform is also alleged to allow for quicker contract negotiations while being more adaptable.
Nikolaj Martynuik on the Topic
Nikolaj Martynuik, the CEO of WePower, explained to Reuters that the only item to be discussed in terms of the platform is the cost. He added that it would take a lot of the complexity out of the platform.
Early last year, WePower impressively raised around $40 million in a single day via an initial coin offering. In an announcement released at the time, the company stated that its platform would assist wind and solar power producers to boost their capital by selling energy from upcoming projects in token form.
This isn’t the first blockchain- centered energy investment made by Marubeni Corp. Earlier this year, the Japanese firm collaborated with another blockchain startup located in the Big Apple. Both companies agreed to utilize technology for the energy side of their business.