Climate start-up partners with Ripple to launch marketplace for carbon credits
Thallo's platform will bring buyers and sellers of high-quality carbon credits together.
Web 3 climate start-up Thallo inked a partnership deal with Ripple (XRP) and various other companies to build a first-of-its-kind marketplace that brings buyers and sellers of high-quality carbon credits.
Thallo’s platform runs on Ripple’s XRP and focuses on the pricing problem of the current carbon market. With its new platform, buyers and sellers will find each other more quickly and make healthier transactions.
Thallo’s Co-Founder Joseph Hargreaves commented on their partnership with Ripple and said:
“Together, we will help make the voluntary carbon market more effective, helping funds go toward high quality projects and making it easier for companies to achieve their sustainability goals in a transparent and verifiable way.”
According to the announcement, the total cap of the voluntary carbon market is almost $2 billion and is expected to see $150 billion in the next eight years.
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.
The third group is called innovation partners, focusing on critical areas in the field and leveraging new technologies to offer tangible solutions. Chainlink, Aklimate, and Celo Foundation are three of the team of 14.