South Korean crypto traders have shown tremendous interest in the EnergiToken (ETK), a project of a Manchester, UK-based blockchain company Energi Mine.
AI and blockchain company Energi Mine issues EnergiTokens (ETK). The company had launched its token sale on November 27, 2017, and ETK has since been praised as an energy-saving solution. Why? Well, it’s mainly because you can earn ETK by behaving in a way that reduces energy consumption. These actions include taking public transport instead of a car, buying energy-efficient appliances, etc. where available. You can also use ETK to pay for your energy bills, charge your electric vehicle, or trade on Energi Mine’s P2P exchange.
Energi Mine announced the beta launch of EnergiToken rewards platform in May 2018.
According to the company, “Energy usage will increase by 28% by 2040 due to emerging economies and their need for energy to grow.”
Therefore, “EnergiToken aims to disrupt the $2 trillion global electricity markets which are naturally closed and controlled by a handful of large players. Energy companies are currently incentivized to sell more energy at the highest possible price with no real transparency.”
“The market for power (electricity) generation is naturally becoming decentralized, in that more and more individuals and businesses are generating their own energy through renewables. However, they are still selling this energy back to the big energy companies.”
Energi Mine trades energy on behalf of large businesses throughout Europe and currently manages over $140m of energy. Their aim with EnergiToken is to “decentralize energy markets and create a platform that rewards energy-saving behavior.”
Energi Mine entered the South Korean market in April 2018, when it began talks with automotive giants Hyundai and Kia.
The EnergiToken project has received immense support from investors in South Korea, who are leading the crypto craze.
South Korea is one of the countries in the world that have decided to jump on the bandwagon that is blockchain and enjoy its position as one of the cryptos havens. Its government has realized the potential this industry offers in the economic development in today’s day and age, with last year being especially successful for crypto in this country.
The South Korean crypto market is one of the three largest in the world, right behind the United States and Japan.
The country is home to three of the five major ether (ETH) exchanges, accounting for between 35% and 40% of the ether’s global trading volume. Around 3 million people in South Korea (which has a population of 50 million) had cryptocurrency accounts at the end of 2017.
Favorable regulations in South Korea have even led to a phenomenon called the “Kimchi Premium”. It refers to the situation in which traders in China, which banned crypto trading in 2017, used South Korea to sell crypto for fiat money. This led to a massive cash outpour to China. Consequently, the demand, along with regulations that make sending Korean currency won abroad inconvenient, led to a 30% to 50% premium on the purchase price of the most popular cryptocurrencies. The name comes from the national dish of Korea, kimchi.
The situation got so out of hand that the U.S. crypto prices monitor Coinmarketcap had to remove South Korean crypto exchanges from their algorithms because the South Korean higher market valuations caused the entire global market average to skew high, consequently leading to a $100 billion loss.