0
📰 News
278 views

IBM Launches Carbon Credit Cryptocurrency on Stellar Blockchain

  • Urvashi Verma
    📰 News

    IBM launches its first token in partnership with environmental fintech startup Veridium Labs.


IBM Launches Carbon Credit Cryptocurrency on Stellar Blockchain

IBM launched its first token, a carbon credit cryptocurrency on Stellar Blockchain in partnership with environmental fintech startup Veridium Labs, Tuesday.

The “verde” token will offer large enterprises the ability to offset environmental damage from their operations by supporting the reforestation of a 250-square mile patch of rainforests in Borneo, Indonesia.

In contrast to existing third party tokens, Verde can be traded and redeemed on the “public” Stellar network, making the carbon credit supply chain transparent and frictionless, and enabling the program to have a global reach, the companies say.

Bridget van Kralingen, senior vice president of IBM’s industry platforms and Blockchain division, says:

“By using a public, permissioned blockchain network, we can help Veridium create a new sustainable marketplace that is good for business and good for the world.”

The tokens will be backed by Triple Gold REDD+ credits from Veridium’s sister company InfiniteEarth, which helps large enterprises offset their environmental impact.

Todd Lemons, CEO and co-founder of Veridium, says:

“Our digital environmental assets are designed to help companies and institutional investors purchase and use carbon credits to mitigate their environmental impacts today, and even hedge their potential carbon liabilities risks in the future.”

While Veridium did not reveal potential customers, PwC, SAP and Microsoft - companies that are developing ongoing Blockchain projects - may be suitable adopters, according to Forbes.

The news comes after IBM announced Monday that merchants and consumers in the South Pacific retail foreign exchange corridors would be able to send money to another country in near real-time, accelerating a payments process that typically takes days. The network is said to process up to 60 percent of all cross-border payments in the region.

Stellar is the world’s eighth largest cryptocurrency by market cap with a total value of roughly $6.7 bln.

👉MUST READ

Audit Reveals No Wrongdoing by South Korean Crypto Exchange Upbit

Audit Reveals No Wrongdoing by South Korean Crypto Exchange Upbit

Cover image via cryptocomes.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings