The POWR token had been listed on one of the world's largest crypto exchanges, Kraken.
Powerledger’s POWR token has been listed on Kraken. Funding is already live and POWR will be paired with USD and EUR, with trading beginning on March 29, 2022 at approximately 15:30 UTC. For updates, you can view the Kraken status page.
The move by Kraken to support POWR token comes less than a year after Powerledger migrated its own blockchain platform from Ethereum to a Solana-based blockchain.
“Powerledger being traded on one of the world’s largest digital asset exchanges like Kraken, which has millions of traders and institutions around the world, is welcome news,” said Powerledger Executive Chairman and co-founder Dr Jemma Green.
Founded in 2011, Kraken is the world’s largest global digital asset exchange based on euro volume and liquidity. Kraken is trusted by well over 8 million traders and institutions around the world and offers professional, round the clock online support.
You can now add the POWR token to your Kraken account by navigating to Funding, selecting the asset, and hitting Deposit. Deposits will take approximately five minutes.
POWR is an ERC-20 token that is the bond required to use Powerledger’s platform.
When Powerledger partners with a customer that wants to gain access to the suite of products on the platform, a bond must be provided in the form of POWR tokens.
This POWR bond is escrowed for the period of time that the customer is utilizing Powerledger’s platform, and then returned when the customer leaves the platform, if the customer has no outstanding payments to Powerledger and other customers.
This process is similar to a rental bond with a real estate agent, however, in some cases Powerledger customers may opt to escrow tokens indefinitely.
As a B2B software company, Powerledger customers are large enterprises such as utilities, renewable energy operators, local energy communities, property developers and companies committed to 100% renewable energy. This means when they partner with Powerledger, they onboard a large number of users onto our platform, such as households or commercial businesses.
More users and more energy being traded on the platform requires more POWR tokens to be escrowed to access the Powerledger platform.
This model means that as Powerledger’s technology gains market adoption, the number of POWR tokens in circulation decreases.
Based in San Francisco, Kraken is the world’s largest global digital asset exchange based on euro volume and liquidity. Kraken’s global client base trades over 90 digital assets and 7 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF and AUD.
Founded in 2011, Kraken was the first U.S. crypto firm to receive a state-chartered banking license, as well as one of the first exchanges to offer spot trading with margin, regulated derivatives and index services. Kraken is trusted by millions of traders, institutions and authorities around the world and offers professional, around the clock online support.
Kraken is backed by investors including Tribe Capital, Hummingbird Ventures, Blockchain Capital and Digital Currency Group, among others. For more information about Kraken, please visit www.kraken.com.