GridPlus Energy released a statement stating that people in the Oncor or Centerpoint regions in 'the great state of Texas', can now pay their electricity bill by using cryptocurrencies such as Ether and Dai.
Grid+ leverages the Ethereum blockchain to give their consumers direct access to wholesale energy markets.
GridPlus also announced that the company is looking to add support for Bitcoin to its native payment interface in the near future.
The electricity company stated that their current products are settled on a monthly interval, but that it is their goal for future products to approach near real time intervals.
'In Texas, electricity prices change based on supply and demand in the market on 15 minute intervals, thus it would be ideal to compress billing and payment down to this interval level. Significant price swings can exist in this real time market, but when averaged out over a long period, the real time rate is nearly always advantageous to the end user compared to locking in a fixed-price product', the release said.
💡💡We are LIVE in Texas 💡💡— Grid+ (@gridplus) February 8, 2019
You can now buy your electricity with crypto.https://t.co/QOpBroZcSv
The fact that a large multinational like GridPlus has taken the initiative to incorporate crypto payments into its native payment interface, is a positive sign of the impact blockchain and cryptocurrencies has on traditional markets.
Customers took to Twitter to show their support.
At last a crypto application with tangible benefits for users: savings on your electricity bill!— Uberizer (@Uberizer1) February 9, 2019
Sure this will convince many sceptics of the merits of blockchain tech,
Congratulations Grid+! Very interesting service you provide, huge market. And wow, you want to eventually get to 15 minute payment cycles? That's oustanding!— Ben Beideman (@BenBeideman_com) February 8, 2019