A UK blockchain carbon offset platform, Carbonplace raised $45 million during an investment round, and an additional $9 million is still under management. According to a February 8th publication, Carbonplace secured the funds from nine of its founder banks and disclosed that it is looking at becoming an independent entity that will be led by a new CEO — Scott Eaton.
The nine founder banks include BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC, and UBS. Carbonplace is already in the market closing transactions with notable firms like Visa and Climate Impact X, however, is expected to be launched at a later time this year.
Carbonplace offset transaction is being run by its distributed ledger technology. The Carbonplace technology is a digital wallet tool that “enable owners to reliably demonstrate ownership to the market, reducing the risks of double counting and simplifying reporting”.
Carbonplace plans to utilize the investment funds to build up its platform, workforce and seek partnerships. This in turn is expected by Carbonplacee to boost services and to reach a larger client base of financial institutions. The partnership would consider other carbon market players like registries and stock exchanges, but not limited to the UK.
The milestone has earned Carbonplace the description of the “SWIFT [Society for Worldwide Interbank Financial Telecommunications] of carbon markets.” Its services will allow users to share carbon data in real-time in a secure and traceable manner for transactions.
Robert Begbie, CEO of NatWest Markets said Carbonplace is well-positioned to handle the demands of the increasing carbon credits market. Citing the global carbon demand he said, “global demand for voluntary carbon credits is likely to increase by a factor of 15 in the next several years”. He added that Carbonplace will meet the demand by “providing scalable technology to environmentally-conscious businesses”.
Read also;
Bitcoin Copyright Claim: Craig Wright Loses in UK Court
What do you think of this article? Share comments below.
