Brooklyn / Cryptocurrency

Blockchain startup Grid+ halts pre-sale of tokens after staggering demand

The company expects to raise $75 million in an October token launch. But it will have to wait till then.

Grid+ expects to raise $75M with its ICO. (Image via YouTube)

East Williamsburg’s Grid+ halted its token pre-sale amid overwhelming demand Monday. It plans to continue selling its GRID tokens to the public on Oct. 30.

The company aims to create a system that cuts waste and bloat from the electricity supply chain, which it says will allow it to deliver electricity to customers at wholesale prices, which might be as much as 50 percent cheaper. It expects to raise up to $75 million in the token sale.

“By opening economic markets, which are historically locked, Grid+ incentivizes customers to purchase solar panels and batteries,” according to the company. “This moves electricity generation from upstream generators to distributed generation sources.”

Grid+ is a ConsenSys company, the blockchain app development studio and network based in East Williamsburg.

We’ve reached out to the company for an interview and hope to have a more thorough report on what they’re doing, but if you’re interested, you can always check out their mammoth white paper.

Companies: ConsenSys
Series: Brooklyn

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