Czech Energy Company to Crowdfund Projects, Sell Gas With Crypto

A Czech gas and energy company Pražská plynárenská is planning to crowdfund energy projects in and around Prague with cryptocurrency, local news outlet Hospodářské noviny reported May 25.

The gas company is looking to establish a new investment platform in the field of green and gas projects in the country, allowing interested parties to contribute both in Czech koruna and digital currency.

In addition to making crowdfunding in crypto available, the company will also accept digital currencies as a form of payment for their services.

According to Janeček, the company will have an operational payment gateway as soon as June.

Digital currencies which are used for payment will be automatically converted into fiat currency.

With over 42,000 consumers, Pražská plynárenská is reportedly the only Czech company in the industry to accept cryptocurrency for the services it provides.

The announcement comes shortly after the company reported record profits.

Helped in part by the hard winter, net profit rose by 30 mln koruna to 1.19 bln koruna, while sales totalled nearly 12 bln koruna.

The company forecasts higher turnovers and more customers this year, but expects overall profitability to be lower.

In August last year, the Czech National Bank claimed that cryptocurrencies like Bitcoin do not pose a threat to the conventional banking system.