Oldham-based Energi Mine has successfully raised £8 million for its new cryptocurrency, ETK Tokens, during the pre-sale period of its Initial Coin Offering (ICO).

The public sale period launches on 1 February 2018 with total fundraising capped at £12 million.

Energi Mine has also announced it is rolling out an international expansion programme in the first quarter of 2018, with office openings in Japan, South Korea, Germany and the US.

Energi Mine is a blockchain-based business that uses deep learning artificial intelligence models to trade and manage energy.

The company has launched a blockchain-based platform that aims to decentralise the global energy market by incentivising energy conservation.

The platform will change the market by encouraging consumers and organisations to reduce their energy consumption.

This will be achieved by issuing ETK Tokens to reward energy efficient behaviour, such as taking public transport or buying energy efficient appliances.

“Our ICO has already attracted contributors from over thirty countries, with all continents represented,” said Energi Mine’s founder and CEO Omar Rahim.

“There has been a mix of investors from larger crypto funds to the general public. We’re building a global business so it’s good to see such worldwide interest.

“The majority of funding will go towards building the platforms to reward energy saving behaviour and our peer-to-peer trading exchange.”

Energi Mine has chosen Tokyo as its first international base, due to high levels of interest in cryptocurrencies in Japan.

“Cryptocurrency adoption in Japan is leading the way globally. There are already multiple retailers accepting crypto payments,” said Rahim.

“Japan also has issues with its energy infrastructure since the nuclear disaster at Fukushima. There is a real problem that needs solving and Japanese companies are keen to adopt both blockchain and cryptocurrencies.”

Energi Mine’s Tokyo office will open in the coming weeks, with new offices in Korea, Germany and the United States opening in the first quarter of 2018.

“Our employees globally will be able to work from any office they choose at any time. Our workforce will be decentralised, just like blockchain technology,” said Rahim.