(Rejected) South African Blockchain based Sun Exchange Raises $3 Million for Renewable Energy Project in Africa

In the general progress being made with blockchain technology worldwide, Africa can be judged to be far behind. With a population of about 1.2 billion people, the continent still has limitations that keep it retarded in technological affairs. A typical example is the issue of power, many African countries are still grossly non-industrialized because of erratic power supply. 

This challenge of power is also a factor why cryptocurrency activities like mining remain at a low ebb on the African continent. A South African energy startup, The Sun Exchange is changing the narrative with its historic raising of $3 million dollars for renewable energy projects in Africa.

How The Sun Exchange Operates

The company operates a peer-to-peer, a crypto enabled business that allows individuals anywhere in the world to invest in solar infrastructure in Africa. Tasked with the vision, Abraham Cambridge discovered the ease with which cryptocurrencies can fast-track payment systems and he built the company with a blockchain framework.

According to the announcement made by the company, the $3 million is an investment fund from ARCH Emerging Markets Partners, which helps to close its Series-A Funding round. This phase will aid The Sun Exchange to implement its core mission to expand the solar energy powering of schools, clinics, farms, cell towers, water plants, businesses and other organizations across Sub-Saharan Africa.

Pioneering The Blockchain Empowerment in Africa

The Sun Exchange through its blockchain framework and energy solution in Africa can be a turning point in boosting blockchain initiatives in Africa. Here’s the reaction of William Barry, Managing Director of ARCH to the investment: 

“...We are thrilled to partner with Sun Exchange on this journey to expand the success the company has already seen in South Africa throughout ARPF’s target markets in sub-Saharan Africa.”

This support can further help position The Sun Exchange to take the lead in transforming Africa’s wobbled energy sector for greater blockchain activities.