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.  

Pavel Janeček, chairman of the board at Pražská plynárenská, said the company’s initiative is a means to attract a younger generation of customers, saying:

“We are trying to go to the young customers across the street, we do not want to be perceived as old dysfunctional moths.”

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. Janeček said, “...we will not speculate on the development of crypto. But if someone wants to pay [with] an alternative, we want to make it possible."

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 ($53.9 mln), while sales totalled nearly 12 bln koruna ($544 mln). 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. A statement posted by the bank entitled “Don’t be afraid of Bitcoin,” argues that fiat currencies are still more suitable for commerce.