Ripple Pledges $100M to Bolster Global Carbon Market

ecommended News :
  • Ripple announced an allocation of $100 million for bolstering the global carbon market.
  • The company is taking part in tokenizing carbon credits.
  • In addition, Ripple is aiming to achieve a net-zero carbon footprint by 2030.

Ripple has announced that it will be allocating up to $100 million to “scale and strengthen” global carbon markets. 

According to the press release, the said amount will be used to invest in companies and startups that focus on this area.

The funding will accelerate carbon removal activity and help modernize carbon markets through investments in innovative carbon removal companies and climate-focused fintechs.

The company also said that it will build a portfolio of long-term and efficient carbon credits to enable it to meet its net-zero carbon footprint by 2030. On top of these, Ripple also signed partnerships with the Energy Web Foundation and the XRP Ledger Foundation to ensure the success of this endeavor.

CEO Brad Garlinghouse added that blockchain technology and cryptocurrency can play a crucial role in bringing more liquidity and traceability to the carbon market. What is more, Ripple is taking part in tokenizing carbon credits and is collaborating with companies such as UN-backed climate-focused fintech firm Xange.com.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.