The company, founded by Apple co-founder Steve Wozniak, EFFORT, said that the listing of its WOZX token on the exchange increased its market value tenfold — up to $950 million, according to the New York Post.
On Thursday, December 3, the coin began trading on the HBTC cryptocurrency exchange. From an initial price of $0.1, WOZX rose to more than $1.42 at its peak. At the time of writing, the token’s quotes are around $1.26.
WOZX is expected to be listed on the South Korean Bithumb platform next week.
EFFORCE aims to use blockchain and cryptocurrencies to facilitate the financing of energy efficiency projects.
“We created EFFORCE to become the first decentralized platform that allows everyone to participate and benefit financially from global energy efficiency projects, as well as make meaningful changes to the environment,” Wozniak said.
Investors can buy the company’s tokens and use them to participate in projects hosted on its platform. EFFORCE tracks their energy savings and returns them to investors in an energy loan that can be used or sold.
According to the firm’s co-founder, Jacopo Visetti, many small businesses find it difficult to find the funds to implement energy-efficient solutions to save them money in the end.
“EFFORCE allows business owners to securely register their energy supply modernization project online and receive funding from all types of investors around the world,” he said.
Wozniak was among the co-founders of EFFORCE last year. According to the firm’s statement, most of the past time has been spent by EFFORCE on creating its blockchain platform’s architecture and servicing the first batch of test projects.