Swytch Token Distribution Event Results
$8.3 million raised as Swytch moves towards production
Swytch has successfully completed our token generation event and distributed 93 million tokens to over 5,300 participants. As a result of the sale, Swytch is in a position to continue building out a world-class solution for renewable energy markets. We’re very grateful and humbled by the support we received from our community of contributors both big and small. We’ve put in a lot of time and effort to get to this point, and we couldn’t have done it without the confidence our community has shown in our vision of a cleaner, greener world powered by renewable energy.
As we move forward, Swytch will continue to leverage our pilot with e2m in Germany which has proven incredibly informative for our development team working on the next iteration of our software. Swytch is also gaining in popularity in municipal and national government circles in South Korea, and we have begun doing the legwork to set up new pilot programs there with very enthusiastic city governments that are eager to get started. Helping them administer their renewable energy incentive programs is a core strength of Swytch, and together we’re going to reduce the costs of helping South Korean cities meet and beat their renewable energy adoption goals.
To support these pilots and other initiatives, we’ve already begun searching for people to fill out a few positions in our Austin office. If you think you may be a fit, then please review the job descriptions and submit your CV. Maybe you’re one of the people we’re seeking to help the world make the switch to renewable energy!
Token sale summary:
- ~93M SET were distributed to ~5,300 participants
- ~47M tokens were sold for a total of ~$8.3M
- ~83 million TGE-eligible tokens were returned to the oracle for minting by energy producers over the life of the project
- Tokens distributed to Token Commons Foundation and the core team are now in their lockout period
- There were a number of contributions that we had to send back due to individuals not completing the KYC and AML process we mandated, but Swytch is committed to maintaining compliance with both internal and external rules and regulations
