Ripple Labs Joins Blockchain Carbon Credit Partnership

By Kevin • October 8, 2022 12:21 pm • Comments

Ripple just revealed that they will be partnering with the Web3 climate startup called Thallo as well as various other firms in order to build a new carbon credit market within the blockchain ecosystem.

This move makes sense considering that its token XRP is considered a carbon neutral cryptocurrency and the focus on environmental sustainability has grown tremendously over the past few years.

Thallo provides a Web3 carbon offset marketplace that utilizes the XRP ledger and the use of the XRP ledger works well here as it provides transparency and efficient transactions within the market.

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With the expected growth of carbon credits in the near future, this initiative to bring it into the blockchain could  help make the market scalable and accessible for everyone.

Forkast.news reports:

Thallo’s team consists of experts in climate, sustainability and Web3, and aims to connect users to high-quality carbon credits on the blockchain, according to a Thallo press release on the partnership.

“As the demand for carbon credits intensifies, blockchain and crypto technology are uniquely positioned to help support market growth by solving persistent challenges around transparency, traceability and verification,” said Ripple’s senior vice president of social impact and sustainability, Ken Weber, in the statement.

On Wednesday, Ripple Labs announced it was named in CB Insights 2022 Fintech250, a list of the market intelligence platform’s 250 most promising private fintech companies worldwide.

Following news of Ripple Lab’s new partnership, inclusion on CB Insights’ fintech list and positive sentiment about the pending outcome of the company’s litigation against the SEC, the XRP token is up over 12% over the past seven days, according to data from CoinMarketCap.

Thallo also provided some comments about their partnership with Ripple (XRP) and shared that this initiative will make it easy for funds to go towards high quality projects.

As of right now, the carbon market’s total cap size is around $2 billion so it may be considered by many to still be in its infancy.

However, investors are expecting it to reach around $150 billion in total market cap within the next eight years as more governments and institutions around the world start using it.

The fact that Ripple is one of the most popular carbon neutral crypto options on the market right now puts it in a perfect position to take advantage of this growing space.

CryptoSlate.com reports:

Ripple is among the founding partners of Thallo. Ripple’s Senior Vice President, Ken Weber, said:

“As the demand for carbon credits intensifies, blockchain and crypto technology is uniquely positioned to help support market growth by solving persistent challenges around transparency, traceability and verification”

Thallo’s efforts to contribute to the carbon market to increase liquidity, scalability and price access align with Ripple’s commitment to bolster carbon neutrality in the crypto sector.

Ripple’s XRPL is already carbon-neutral, and the company takes initiatives to increase green energy projects.

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