A blockchain token co-founded by Maltese tech entrepreneur Max Thake has just raised €20 million on CoinList.

That figure pertains to just six per cent of the total tokens available on the peaq network – giving the entire network a staggering €333,333,333 million valuation.

“The world is waking up to the potential of real-world applications on the blockchain for sectors like mobility, connectivity, and energy,” said Mr Thake in a social media post celebrating the achievement, adding that “peaq is taking its place as the home for these applications.”

The token offering is the largest on CoinList – an Initial Coin Offering (ICO) platform – in the last two years.

Its success is also reflected in the fact that subscriptions were almost double the total offer – with eager investors putting up €36 million in total.

“Another important mountain climbed. On to the next peak,” said Mr Thake, who lives between Portugal and Malta.

In sharing the news, he divulged a bit more about the often-stressful journey that led to the token’s eventual success.

“Many of you probably don't know that we passed up on the opportunity to launch a token in both the 2017 and 2021 bull runs,” he shared.

“Could we have? By this industry's standards, 100 per cent. Was it difficult to tell investors no? At times, very. Were the bear markets more difficult? Absolutely.

“But we knew that peaq wasn't ready. We knew that the timing wasn't right. And we knew that it would do more damage over the long term - and we're here for the long term.”

He continued: “Truth be told; we were early. Seven years early, and we needed time to experiment and get things wrong. But today, the trade winds are finally in our favour.

“With over 25 DePINs already building in the peaqosystem, up 20% just last month, the momentum is with us.”

Earlier this year, peaq was also able to raise €15 million from venture capital firms in a pre-launch funding round.

At the time, Mr Thake said he and his co-founders Leonard Dorlöchter and Till Wendler are “on a mission to power a global infrastructure revolution.”

About peaq

peaq bills itself as a global, decentralised network built to power applications in industries such as mobility, energy, and telecommunications.

Last year, it registered a major success when a Vienna-based car-sharing company placed over 100 of its Teslas on the blockchain-powered network.

Speaking to WhosWho.mt on that occasion, Mr Thake broke down how the peaq network works.

By tokenising the cars through peaq, which is designed ease the integration of Internet of Things into the blockchain, [Viennese car-sharing firm] ELOOP decentralises ownership and allows the community to earn income and benefit from the operation of its assets.

“To tokenise something is to create a digital token representing that thing,” said Mr Thake. “This token can be broken into smaller pieces, each of which is unique and has rights associated with it.

“As the Teslas provide car-sharing services - in other words, people rent and drive them via an app - the Tesla generates revenue.

“Now instead of the €20 made from a car-sharing journey going to one company, as is traditionally the case, the €20 is split by the owners of the tokens. You can apply this to one Tesla, or to a fleet of hundreds and one day thousands of Teslas.”

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Written By

Robert Fenech

Robert is curious about the connections that make the world work, and takes a particular interest in the confluence of economy, environment and justice. He can also be found moonlighting as a butler for his big black cat.