Farad Cryptoken is a cryptocurrency that will shore up the energy storage industry

Bitcoin, the cryptocurrency that sparked the craze among all other cryptocurrencies, was the first out of the traps. Bitcoin’s currently trading at around $3,400, that’s nearly three times the price of an ounce of gold.

But while Bitcoin has taken a lead, it is only recently that we’ve seen the peer-to-peer virtual currency backed up by actual monetary deposits. Falcon Private Bank’s Zurich office recently added a Bitcoin vending machine and the bank also allows its wealthy clients to buy and sell bitcoin using the cash deposits in their accounts.

Now, Malaysian firm Farad has unveiled a new cryptocurrency called Farad Cryptoken in Dubai. Where this model differs from others operating on the blockchain system is that each unit of Farad Cryptoken is backed by physical economic activity specifically within the energy storage industry.

Farad Cryptoken

Dr. Wan M Hasni (second from right) Chief Executive Officer Farad Programme and Dr. Abdulla Mangoosh Vice Chairman and CEO of Emirates House Group at the unveiling of the cryptocurrency in Dubai yesterday

As of its unveiling of the cryptocurrency in Dubai yesterday, it was revealed that at the time of the ICO – the IPO equivalent of cryptocurrency universe – one unit of Cryptoken was will be priced at approximately $12.50. The pre-sale ICO is scheduled for August 25, followed by the full sale on September 15.

Each unit purchased would represent the forward purchase rights for 80,000,000 ultra-capacitor cells over three years. These capacitors are vital in electric technology that Tesla-boss Elon Musk has referred to as the future of energy storage and is at the heart of lithium-ion battery technology.

The fact that a cryptocurrency is now backed by tangible assets will likely give Farad Cryptoken an edge over its rivals. Ethereum, another cryptocurrency, has also made news recently because of its “smart contract” that attempt to bring a degree of regulation into the industry. Farad Cryptoken has that “smart contract” system built into it too.

The overall cryptocurrency market currently is valued at around $116 billion. The Farad Cryptoken is yet one more reason why even if you don’t buy into the world of cryptocurrency, you just cannot ignore the juggernaut anymore.