Ripple Labs Join Blockchain Carbon Credit Partnership
Ripple Labs Inc., whose payment network is backed by the self-described carbon-neutral cryptocurrency token XRP, has joined with Web3 climate company Thallo and other firms to develop a blockchain-based carbon credit market.
“Proud to take climate action with Thallo, a Web3 carbon offset marketplace using the XRP Ledger to boost the openness and efficiency of voluntary carbon markets,” Ripple tweeted on Tuesday.
According to a news statement about the agreement, Thallo’s team of climate, sustainability, and Web3 professionals seeks to link consumers to high-quality carbon credits on the blockchain.
Ken Weber, senior vice president of social impact and sustainability for Ripple, said in a statement, “As the demand for carbon credits increases, blockchain and crypto technology are uniquely positioned to support market growth by resolving persistent challenges related to transparency, traceability, and verification.”
Wednesday, Ripple Labs announced that it has been included in CB Insights 2022 Fintech250, a ranking of the 250 most promising private fintech businesses in the world.
According to statistics from CoinMarketCap, the price of the XRP coin has increased by more than 12 percent over the last week as a result of news of Ripple Lab’s new alliance, inclusion on CB Insights’ fintech list, and optimism over the company’s lawsuit against the SEC.