Blockchain Startup Extends Energy Market

Blockchain startup LO3 Energy has partnered with the European Power Exchange to connect local electric microgrids to broader wholesale markets
13 December 2017   2207

Yesterday blockchain startup LO3 Energy and the European Power Exchange EPEX SPOT signed a memorandum of understanding committing themselves to finding ways to connect local energy markets to larger power networks using a blockchain-based platform.

EPEX SPOT is a power trading company based in France which covering Central Western Europe and the United Kingdom. Company allows users in each country to buy or sell excess power to each other.

Under the partnership, LO3 will deploy its technology on community microgrids, such as the one it developed in its flagship project, the Brooklyn Microgrid that was the world’s first blockchain-based microgrid. Meanwhile, EPEX SPOT will use its international power trading infrastructure to create a broader source of availability.

Eventually, the partnership will allow consumers to buy and sell surplus energy from neighbors or faraway strangers.

Companies also aims to help solar panel owners sell their excess energy back to the grid to be stored in batteries operated by the two groups, while consumers can purchase this excess energy during times of need.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   316

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.