Mark Cuban Reveals Locking $50K in Tokenized Carbon Offsets Every 10 Days

Mark Cuban, the renowned businessman and reality television star, has announced that he is utilizing blockchain technology to secure carbon offsets on the Polygon network. As part of KlimaDAO’s initial public offering (ICO), the billionaire blockchain enthusiast said that he has been purchasing carbon offsets valued at $50,000 and putting them on the blockchain as Base Carbon Tonnes (BCT) approximately every 10 days since the project’s inception on November 13.

BCTs are cryptos that are linked onto the Polygon Network by the Toucan Protocol and symbolize one tonne of carbon from the Verified Carbon Unit (VCU) database. In a recent interview with Cointelegraph, KlimaDAO, a decentralized blockchain initiative that focuses on promoting admiration in the price of Bitcoin Cash (BCT) and has amassed over 9 million BCTs, explained that it utilities Polygon because it is a Proof-of-Stake (POS) network with minimal emissions and creates a low carbon footprint.

According to the same Twitter conversation, Cuban said that he would be interested to collaborating with KlimaDAO in order to encourage carbon removal rather than carbon offsets.

He said,
“In the last 10 days or thereabouts, I’ve been purchasing $50,000 in offsets and placing these on the chain as BCT. In KLIMA, I would love to achieve the same thing, and perhaps much more so with the removal process.”

It should come as no surprise that Cuban supports KlimaDAO. Klima is one of the investments in his portfolio. He did not respond to attempts to contact him for comment on the degree of his connection with Klima.

It is also not the Mavericks’ owner’s first foray into the blockchain-based environmental, social, and governance (ESG) space. In June of this year, dClimate announced that Mark Cuban had joined the network as an investor and strategic advisor, bringing his extensive business experience. dClimate is the world’s first decentralised climate information network.

In his words, “I’m thrilled to be working with a team that is leveraging blockchain and smart contracts to tackle a serious real-world issue, as well as one that is developing a platform to assist organizations all over the world in creating climate resilience.”

In order to deal with climate change, Cuban seems to be tilting toward distributed ledger technology, with two out of the three environmental initiatives featured on the Mark Cuban Companies website centered on distributed ledger technologies. While in Scotland for the United Nations Climate Change Conference (COP26), the launch of a new blockchain effort to combat global warming took place last week as well.