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| VMNT Announces LOI for Investment In Blockchain-Focused Energy Trading Company |
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 Hot Stock to Watch |
Company: Vemanti Group, Inc. (Pink Sheets: VMNT)
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Last:
Price: 0.26
Change (%): + 0.032 (14.04)
Volume: 2,000 |
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Vemanti Group To Make Investment In Blockchain-Focused Energy Trading Company
NEWPORT BEACH, Calif., Dec. 12, 2017 (GLOBE NEWSWIRE) - Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has signed a Letter of Intent (LOI) to make an investment in Platinum Energy Recovery Corporation Pte. Ltd. (“PERC”), a Singapore-based company that’s developing a blockchain-based platform for the global decentralized energy trading market.
Blockchain technology, which first emerged as the architecture underlying Bitcoin, the best-known cryptocurrency, uses a distributed database that updates itself in real-time and can process and settle transactions in minutes, with no need for trusted third-party verification.
Energy trading systems worldwide are reported to be notoriously outdated and inefficient. PERC aims to address these challenges by implementing a new Smart Contracts-based peer-to-peer (P2P) trading platform that uses blockchain technology to secure, track, and manage billions of energy trades.
“The platform aims to reduce administrative risks and costs of energy trading while improving the reliability and efficiency of back-end trading operations. Ultimately, it would eliminate any confusion over ownership and help make managing risk more exact with accurate timestamps to each part of the trade,” said Steve Phu, President & CEO of PERC.
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