Uniti, a Swedish electric car company, has announced it is launching its own cryptocurrency to fund the development of an electric vehicle, with the currency tokens certified according to the Green Bonds Principles, which underpin the global Green Bonds market that was initiated by Swedish bank SEB.
In another twist, the issue will consist of Uniti Green Tokens (UGTs), that can be redeemed for access to the data generated by the proposed vehicles starting in 2019. Thereafter, the redemption options will diversify. Uniti claims that this is the first initial coin offering (ICO) involving a cryptocurrency that has gained the relevant Green accreditation. That accreditation in turn flows from the objective of cutting carbon emissions by producing the electric vehicles.
Uniti is being helped with the certification of the tokens by “the digital assets team at PwC and under the legal advice of Baker McKenzie”. Further information on the issue is available from uniti.earth/ico.
Currently, the vehicle is intended for launch on 7 December 2017 with deliveries scheduled for early 2019, Uniti said. According to concept pictures, the vehicle will look something like that in the picture below: