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‘Groundbreaking’ blockchain deal reaches completion
An international law firm has advised on one of Australia’s first initial coin offerings (ICOs), which raised $34 million for its client.
Emma Musgrave
Firm: Allens (Power Ledger)
Value: $34 million
Area: Finance
Key players: The Allens legal team comprised partner Gavin Smith, senior associates Elyse Adams and David Rountree, and managing associate Simun Soljo.
Deal significance: Power Ledger is described as a “peer-to-peer energy trading company that uses a blockchain-based platform to allow consumers with solar panels and batteries to trade their surplus energy with other consumers across regulated networks and within buildings”.
The company is based in Western Australia and became one of the world’s first blockchain peer-to-peer platforms to transact energy in 2016, according to a statement from Allens.
“The Token Generation Event involved the creation and sale of 190 million ‘POWR’ tokens to fund its prospective platform build and help to accelerate its development,” the statement said.
“Power Ledger raised $16.9 million from its public sale event, with more than $17 million raised in pre-sale offerings.”
The firm’s statement noted that the ICO structure is a “relatively new but increasingly popular way of using blockchain-based technology to issue cryptocurrency or tokens”.
“ICOs come in many different forms, can be speculative and require a close analysis of the applicability of existing legal and regulatory regimes,” the statement said.
“ASIC has recently issued an information sheet about the potential regulation of ICOs under the Corporations Act.
“Allens has, at the same time, been leading a movement within the sector for the adoption of best practice transparent risk disclosures in token generation documentation.”
Commenting further on the deal, Elyse Adams, senior associate and leader on the deal from Allens said: “We are delighted to have worked with Power Ledger on its Token Generation Event, and congratulate the team on its innovative push towards a resilient, low-cost, zero-carbon power system owned by the community”.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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