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Vemanti Group To Make Investment In Blockchain-Focused Energy Trading Company
Vemanti Group To Make Investment In Blockchain-Focused Energy Trading Company.
About this update from Vemanti Group Inc.
[{"type":"text","content":"\n\n NEWPORT BEACH, Calif., Dec. 12, 2017 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has signed a Letter of Intent (LOI) to make an investment in Platinum Energy Recovery Corporation Pte. Ltd. (“PERC”), a Singapore-based company that’s developing a blockchain-based platform for the global decentralized energy trading market.\n Blockchain technology, which first emerged as the architecture underlying Bitcoin, the best-known cryptocurrency, uses a distributed database that updates itself in real-time and can process and settle transactions in minutes, with no need for trusted third-party verification. Energy trading systems worldwide are reported to be notoriously outdated and inefficient. PERC aims to address these challenges by implementing a new Smart Contracts-based peer-to-peer (P2P) trading platform that uses blockchain technology to secure, track, and manage billions of energy trades. “The platform aims to reduce administrative risks and costs of energy trading while improving the reliability and efficiency of back-end trading operations. Ultimately, it would eliminate any confusion over ownership and help make managing risk more exact with accurate timestamps to each part of the trade,” said Steve Phu, President & CEO of PERC. The platform will pool together energy producers, utility operators, traders, and buyers onto one decentralized platform, allowing them to trade directly with one another with complete transparency and security. Users will be able to easily perform trading on the platform which provides a transparent, auditable and automated trade execution and clearing mechanism. In addition, E&P participants will be granted access to a biodegradable oil recovery technology proven to increase production by an average of 92%. PERC is also planning to issue ERC-20 Ethereum-based utility tokens via a Token Generation Event, commonly known as an ICO, to incentivize users and to further fund this project. Tan Tran, CEO of Vemanti, commented, \"This investment reaffirms our commitment to growing blockchain-focused assets and keeps in line with our FinTech sector focus. We will continue to engage in blockchain projects. With all-time highs in Bitcoin and other cryptocurrencies, we see tremendous market potential...