The Sun Exchange; a South Africa-based solar micro-leasing marketplace that is based on blockchain technology, has announced raising USD 500 K in seed funding from US-based multi-million-dollar hedge fund, Alphabit.
The Sun Exchange is a buy-to-lease solar marketplace which utilizes cryptocurrencies for the purpose of enabling users from various parts of the world buy into solar projects and have a stake in the proceeds derived from the power generated from these projects.
The startup currently boasts a global community which spans over 90 countries and incorporates up to 14,000 members. The company is also known to have recently introduced SUNEX which is intended as a dedicated reward token on the platform. The investment secured is expected to go some way towards helping expand the company’s operations, as well as accelerate its growth.
The US-based hedge fund who are the sole investors in the startup’s latest round of funding was established in April last year. Alphabit has also reportedly set its sights on investing up to USD 300 Mn, and the fund is believed to be interested in companies that have set their sights on solving real-world problems by leveraging decentralization and blockchain technology.
“Alphabit invests in companies that solve real-world problems by applying blockchain and decentralization. Sun Exchange is a prime example, with technology that has the potential to disrupt two of today’s most dysfunctional centralized global systems — energy and finance. I am convinced this will be one of the best equity investments Alphabit has made to date,” commented Liam Robertson, CEO of Alphabit, with regards to the development.
Since inception, The Sun Exchange claims to have facilitated funding for six fully-operational solar projects in South Africa by means of its micro-leasing platform. The solar projects embarked upon by the blockchain-based company are believed to serve schools, small businesses, wildlife protection parts, as well as nonprofit organizations. Powering Sacred Heart College in Johannesburg is envisaged as the startup’s next project and to that effect, a crowdsale is believed to be currently underway.
“We are delighted to have the support of the Alphabit’s team of blockchain industry visionaries, who share our core principles of leveraging decentralization to create a more sustainable and equitable world,” said Abraham Cambridge, Founder and CEO of The Sun Exchange on the subject of securing the investment which may well mean better days for the company.
This development was first reported by Disrupt Africa
Image Source: BitcoinAfrica