Major General Trading Company Of Japan Is Backing Blockchain-Based Power Trading Platform.

Marubeni Corp., a major general trading company in Japan, is now backing a blockchain-based power trading platform.

According to a report by Reuters, the company has issued a loan to Lithuania-based blockchain project WePower. According to Reuters, the size of Marubeni’s stake in WePower after converting the loan is yet to be determined.

According to the report, WePower has developed a platform which would empower small and medium-sized enterprises and businesses to buy power specifically from wind- and solar-based sources via standardized digital power purchase agreements easy.

According to Reuters, the platform has aims of unlocking tens of billions of dollars in power generation to smaller projects in the Australian electricity market which are running out of major power consumers as these are willing to buy large quantities over long periods of time.

The blockchain-based platform reportedly allows for faster contract negotiation times and helps by providing more flexibility. WePower CEO Nikolaj Martynuik CEO of WePower told Reuters, “the only point of discussion, through the platform, is the final price. That takes a lot of the complexity out.

Last year in February, WePower was able to raise $40 million in one day with the help of its initial coin offering. In an announcement, the firm claimed that its platform would allow and empower solar and wind power producers to raise capital for projects by selling energy from future projects in the form of tokens.

Marubeni has also invested in some other blockchain-based energy projects earlier. Earlier this year in February, the firm struck a partnership with a New York-based blockchain startup to use the technology for its energy business.