Mercado Bitcoin, Brazil’s largest crypto exchange, reached an agreement with Brazilian energy trader Comerc to release two renewable energy tokens, Reuters reported Wednesday.
The first token will work as a cashback for Comerc customers who generate renewable energy through its distributed generation system, Sou Vagalume. The company plans to allow the purchase of the token for a fixed amount and later offer the digital asset for trading in a secondary market.Brazil’s current system of distributed solar generation grants incentives for investors. Through this setup, users of Sou Vagalume obtain discounts equivalent to between 15% and 20% of their total bills.Comerc currently has 5,000 customers using its distributed generation system, although it expects to reach 150,000 customers by the end of 2020.Roberto Dagnoni, CEO of 2TM Group, the holding company for Mercado Bitcoin, said that if a customer has a monthly expenditure of 1000 Brazilian reais, he would receive 150 Brazilian reais converted into tokens per month.According to Dagnoni, both companies are finalizing legal and regulatory details; the product, he added, should be ready in December or January 2022.Bitcoin Market and Comerc plan to launch a second token, backed by the International REC Standard, a certificate that documents electricity consumption from renewable energy sources. It is still in preliminary stages, Reuters reported.In June, Mercado Bitcoin raised $200 million in a Series B round from the SoftBank Latin America Fund. The funding was the largest B round ever in Latin America and SoftBank’s largest investment in a Latin American crypto company.