Main navigation

Samsung to Get Exposure to Cardano via New Partnership

News
Tue, 01/04/2022 - 18:57
article image
Alex Dovbnya
Samsung has joined forces with Cardano Foundation partner Veritree as part of its land restoration efforts
Samsung to Get Exposure to Cardano via New Partnership
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Tech giant Samsung will now have exposure to Cardano via its recent partnership with blockchain planting management system Veritree, according to a tweet posted by the Cardano Foundation’s Sidney Vollmer. 

The American subsidiary of the South Korean behemoth aims to tackle climate change by planting two million mangrove trees in Madagascar, an island country located in East Africa.

Mangrove forests are estimated to store up more than ten times more carbon dioxide than other tropical forests.

The partnership was announced during the annual Consumer Electronics Show (CES) held in Las Vegas.

Mark Newton, head of corporate sustainability at Samsung Electronics America, said in a statement that investing in innovative technologies was “vital” in fighting climate change:

Investing in tech innovations, such as those that create efficiency improvements and minimize waste, in combination with nature-based solutions, are vital in the fight against climate change.

Related
Shiba Inu or Dogecoin? UFC Superstar Chuck Liddell Reignites Memecoin Rivalry

The Cardano-Veritree partnership

Veritree’s reforestation verification records will be stored on the Cardano blockchain. The technology makes it possible to verify data from planting sites and link every individual donation to the area of land it helped to restore.     

Last year, the Cardano Foundation launched the very first the Initial Tree Offering (ITO) together with Veritree. Users are able to donate 1 ADA token in order to receive 1 Tree Token that represents one tree. At press time, the ITO has collected enough contributions to plant 553,900 trees.    

Users who donate at least 500 ADA will receive digital planting certificates as well as “NFTree Art.”

“Highballers” who fork out 100,000 ADA tokens will be able to get “globally unique” NFTree art as well as their name on the map.   

Tree planting sessions are scheduled to continue to the end of 2022, according to a roadmap presented by Veritree.

Ultimately, Veritree plans to plant a billion trees by 2030.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.