Blackrock gave a reference to Energy Web Tokens (EWT) in its announcement. After that, the altcoin price skyrocketed, which attracted the attention of investors.
Dramatic price increase in altcoin price after the announcement
A reference to the EWT token in an important announcement from Blackrock has drawn quite a bit of attention to the cryptocurrency. On Thursday, the world’s largest asset manager, Blackrock, announced an important decision in favor of Bitcoin adoption. However, the reference to projects investigating renewable energy-related Bitcoin mining operations has caught the attention of investors. However, the altcoin is not a popular token, ranking 252 by market cap according to CoinMarketCap.
However, Blackrock’s announcement caused a spike in the altcoin price. This triggered further increase speculation. Traded at around $2.66 earlier in the day, the EWT token is in a steady price uptrend. According to CoinMarketCap, the token has surged an astonishing 40.04% over the past few hours to $3.79. In just six hours, the not-so-popular token has grown by nearly $30 million in market cap.
Meanwhile, Energy Web consultant Michal Bacia stated that Blackrock can use their solution with EWT staking. Through the EWT toolkit, proof of the green solution will be available in the form of Software as a Service.
Proof-of-Green solutions like this for BTC will be offered to enterprise customers like BlackRock as SaaS (Software as a Service) secured with EWT staking.
Blackrock also said that he decided to launch a Bitcoin Private Trust thanks to the ‘huge interest’ of some of his institutional clients in cryptocurrencies. Furthermore, the asset manager noted that he will explore solutions on how to access crypto assets cost-effectively.
What are Energy Web Tokens (EWT)?
Energy Web Tokens (EWT), Energy Web Chain’s native service tokens. These are used to pay gas fees in the energy web network. The developers designed the Energy Web Chain specifically for the energy industry. A technology solution developed allows users to control and manage their electrical systems online. Energy Web is working to provide certificates to a group of prominent Bitcoin miners. The company is exploring different ways to use accreditation to accelerate Bitcoin’s decarbonisation.
Meanwhile, the company claims to have built the world’s first publicly traded, enterprise-grade blockchain proprietary tools suitable for the energy sector. Blackrock mentioned the Energy Web, referring to their program to bring more transparency to the sustainable use of energy in Bitcoin mining.
Organizations such as BlackRock, RMI, and Energy Web are encouraged to develop programs and monitor progress around these initiatives to bring greater transparency to the sustainable use of energy in Bitcoin mining.
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