In order to create a blockchain-based carbon credit market, Ripple Labs Inc., the company whose payment network is backed by the self-described carbon-neutral cryptocurrency token XRP, has teamed up with Web3 climate startup Thallo and numerous other businesses.
According to a news release from Thallo on the partnership, the company’s team, which includes specialists in climate, sustainability, and Web3, seeks to connect customers with high-quality carbon credits on the blockchain.
According to Ken Weber, senior vice president of social impact and sustainability at Ripple, as the demand for carbon credits increases, blockchain and crypto technology are uniquely positioned to help support market growth by solving persistent challenges around transparency, traceability, and verification.
On Wednesday, CB Insights 2022 Fintech250, a list of the 250 most promising private fintech companies globally, revealed that Ripple Labs had been included.
The XRP coin has increased more than 12% over the previous seven days, according to data from CoinMarketCap, as a result of news of Ripple Lab’s new alliance, inclusion on CB Insights’ fintech list, and favorable mood over the impending resolution of the company’s litigation against the SEC.
