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Enel and wallet provider Conio’s tokenization initiative lets Italians offset energy bills via partial ownership of solar farms on Algorand.
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Enel Group, an Italian green energy company, partnered with crypto wallet provider Conio to allow fractional ownership of solar panels through tokenization on the Algorand blockchain.
On Jan. 21, Algorand Foundation chief marketing officer Marc Vanlerberghe announced a partnership between Conio and Enel Group that will launch a solar-panel tokenization product in Italy.
The tokenized product will allow Italians to own a portion of Enel’s solar farms and use the generated power to offset the electricity usage of residential properties.
Source: Marc Vanlerberghe
Offsetting residential energy utilization through the tokenization of commercial solar grids
Enel will manage all the solar panels on behalf of the fractional owners and adjust the actual energy production to defray their electricity bills. Algorand Foundation CEO Staci Warden noted that the ability to offset electricity usage through the tokenized real-world assets (RWAs) “is not tied to where you live.”
Source: Algorand Foundation
Warden explained the real-world use case of the product:
“You can live in a high-rise and offset with partial ownership of a solar panel in a field someplace else. So cool! There is just no end to the power of tokenized markets.”
Check out this Cointelegraph beginners’ guide to learn more about the Algorand blockchain network.
Related: Russia plans to restrict crypto mining in 13 regions to save electricity
Tokenization of Emirati assets
Amid the ongoing blockchain revolution, United Arab Emirates-based property development group Damac Group has signed a $1 billion agreement with Mantra, a blockchain built for tokenized RWAs, to enable token-based finance.
The partnership will allow Damac to leverage Mantra’s RWA-focused blockchain to tokenize its diverse portfolio, which includes real estate, hotels, resorts, manufacturing, capital markets and fashion. The multibillion-dollar investment conglomerate’s partnership with Mantra will further the blockchain’s goal to become “the preferred ledger of record” for RWAs.
According to a CNBC report, US President Donald Trump recently announced that Emirati billionaire Hussain Sajwani, founder of Damac, has pledged at least $20 billion in foreign investment to build new data centers across the United States.
Magazine: Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express
This article first appeared at Cointelegraph.com News
