Uniti, a Swedish electric car company that is in the midst of an investment crowdfunding round, has announced the creation of a new cryptocurrency and forthcoming Initial Coin Offering (ICO). Uniti states it is in the midst of launching the “world’s first Certified Green” ICO. The token pre-sale is said to be live soon to selected individuals and institutions with a public sale initiated in the coming months.
The global Green Bonds market, created by Swedish bank SEB, is worth over $100 billion annually. Uniti explains it will issue Uniti Green Tokens or UGTs which will be redeemable for access to the data generated by their vehicles beginning in 2019. Future redemption opportunities for the general public potentially include access to mobility services and car charging options. Uniti intends on using UGT tokens to accelerate their work with the open source community by incentivising contributions to more robust technologies. The tokens may be used as a way to reward safe and energy-efficient driving behaviour which can be identified via their data.
At some point in the process, Unit will “diversify redemption options.” Uniti states that to date, no ICO has gained the GREEN accreditation, marking a new era for cryptocurrency.
The use of proceeds from the sale of the UGTs will be dedicated to producing the electric vehicle. Uniti is in the process of certifying their token sale as a Green ICO, under the supervision of the digital assets team at PwC, and under the legal advice of Baker McKenzie – a large, global law firm.
“Emerging cryptocurrency and blockchain technologies are fundamental to how Uniti interacts with society. Over time, our tokens will be used for value creation activities such as incentivizing the open source community, incentivizing safer and more energy-efficient driving behaviour, and they could be redeemed by the public for access to mobility as a service and access to charging infrastructure,” explains Lewis Horne, Uniti CEO.
The Uniti self-crowdfunding campaign has raised over SEK 21 million, backed by nearly 900 investors from around the world. Uniti has registered EV pre-sales of over 940 vehicles. This is expected to be the last equity crowdfunding sale prior to a VC funding round in 2018.
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