Web3 startup Thallo announced a partnership with Ripple Labs, the developers behind XRP, and 22 other partners to launch a blockchain-based carbon credit marketplace.
- Carbon credits are given to companies and define how much emissions they’re allowed to put out, which can be traded between companies. Thallo aims to solve liquidity and pricing problems within the current carbon credit marketplace.
- “As the demand for carbon credits intensifies, blockchain and crypto technology is uniquely positioned to help support market growth by solving persistent challenges around transparency, traceability and verification,” says Ken Weber a senior VP for Ripple’s social impact and sustainability sector in Thallos announcement.
- “By leveraging Ripple’s enterprise readiness and carbon neutral XRPL’s reliability at scale, Thallo is democratizing access to verified carbon credits for both institutional and retail investors to help offset their carbon footprints in a way that satisfies their key stakeholders,” added Weber.
See Related: Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market
Thallo’s Carbon Neutral Team
- In the announcement, Thallo defined their team as experts in climate and sustainability as well as web3. Alongside Thallo, the 23 partners split into three sectors. The Founding Partners include Ripple Labs and Climate Collective to support the development of the platform.
- The second sector is the Integrity Partners which are academic instiutions, non-profits, and associations which aim to scale carbon markets with integrity such as Carbon Business Council and Crypto Climate Accord.
- Finally, the largest sector with 14 companies, the Innovation Partners, are the companies that develop the key aspects of the marketplace including Chainlink, Celo Foundation and Filecoin Green.
See Related: Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised
