An institution-focused strategy will replace the first Bitcoin-powered crowdsale methodology utilized by South African energy-fintech firm Sun Exchange to finance small-scale solar projects.

When the company was founded in 2015, it first looked for organizations, including businesses and schools, that had feasible solar power projects. It then published the projects, and people from all around the world could invest in them, usually giving money in bitcoin.

“The urgent need to address the climate problem was the original inspiration for Sun Exchange, and it continues to be a significant incentive for us. But we now find ourselves responding to South Africa’s energy crisis in an unexpected and crucial way. In a statement, the business stated, “This has brought opportunities and challenges that are bigger and more urgent than we could have imagined in the early days.”

“With the way the landscape has changed so drastically in recent years, it’s becoming more and more obvious that in order for Sun Exchange to grow successfully and sustainably, we too must adapt.”

The startup succeeded in building a community with more than 20,000 members from almost 170 countries. Through this network, Sun Exchange made it possible for over 90 high-impact organizations—including nonprofits, schools, farms, retirement homes, and small businesses—to get solar power.

Additionally, Sun Exchange and Momint, a local NFT platform, worked together to introduce SunCash, a website where South Africans may spend as little as R150 ($8.33) in solar power projects.

The business is shifting all of its attention to developing full-service projects involving commercial solar power and energy storage. From now on, all programs will receive funding from an expanding worldwide network of institutional and corporate donors.

This allows us to grow into bigger commercial and industrial projects while still providing our core services to high-impact groups like schools, elderly homes, non-profits, and agriculture.

Moving away from the original crowdsale-based strategy, which has been the foundation of Sun Exchange since its establishment, is the most challenging aspect of this transformation. It’s what made Sun Exchange a creative industry leader and helped us create a global network of solar power supporters,” the business stated.

“Unfortunately, Sun Exchange’s crowdsale strategy is no longer a viable business model.”