AUSTIN, Texas, June 19, 2018 /PRNewswire/ -- Swytch, a blockchain-based clean energy incentive, today announced a multi-million dollar strategic investment by Reflective Venture Partners, a privately owned and managed blockchain technology fund. The capital will be used to fund the development of the Swytch platform, including strategic and technical collaboration between Swytch and the Rchain platform.
Swytch is a blockchain-based platform that tracks and verifies the carbon impact of renewable energy generation and other sustainable actions. Swytch leverages smart meter and blockchain technology to reward the companies and people who reduce carbon emissions the most. At the core of the Swytch solution is an open-source "Oracle" that uses artificial intelligence and machine learning to determine how much carbon is being displaced and therefore how many Swytch tokens to award.
"The leadership at Swytch is building a world-class, clean energy solution that strikes at the heart of the issues facing the energy sector," said Steve Careaga, general partner of Reflective Venture Partners. "The team truly understands the global energy financial dynamics and is on a path to disrupt the energy sector as we know it today and create a brighter future for all of us. We look forward to helping drive innovation and collaboration in this space."
Reflective originates from an ongoing strategic partnership with RChain Cooperative, a third generation blockchain platform that will allow developers to build self-sufficient, high-performance applications with built-in industrial grade scalability, security and speed.
"Reflective Ventures is well recognized as a long-term investor in blockchain projects with a higher purpose," said Evan Caron, co-founder and managing director of Swytch. "Our core values and ambition for a better world make this partnership a great fit. From a technical perspective, we are impressed with RChain's potential in terms of transaction speed, scale and interoperability and we look forward to exploring opportunities to use the Rchain platform."
In addition to the partnership with Reflective Ventures, Swytch also recently announced its token sale. To sign up, visit Swytch.
About Reflective Ventures
Based in Seattle, WA, Reflective Venture Partners is a privately owned and managed venture firm that originates from an ongoing strategic partnership with RChain Cooperative, a next generation blockchain applications platform that is currently in development. With a mandate to grow the RChain ecosystem, Reflective Venture Partners provides strategic financing and designs token generation events (TGEs) for innovative blockchain specific dApps and complementary technologies that have strong growth potential for the RChain blockchain ecosystem. For more information, visit www.reflectiveventures.io.
Austin-based Swytch is a blockchain platform that tracks, verifies and rewards those reducing the global carbon footprint. An Open "Oracle" at the heart of the system acts as a distributed authority, awarding Swytch tokens to people, companies and organizations that make a meaningful and measurable difference in reducing emissions. For more information, visit Swytch.io or follow Swytch on Telegram, Medium and Twitter.
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FortyThree, Inc. for Swytch