Ripple Partners With Thallo For First Ever Web3 Carbon Credit Marketplace.
In partnership with Thallo, Ripple announced that they are creating a Web3 carbon offset marketplace using the XRP Ledger. Ripple with Thallo will partner up to tackle climate change, increasing the transparency and efficiency of the carbon markets.
The First Ever Web3 Carbon Credit Marketplace
According to the platform’s press release from Monday, Thallo will address the market for carbon credits’ issues with liquidity and a lack of pricing transparency.
“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,” said Senior Vice President, Social Impact and Sustainability at Ripple, Ken Weber.
There will be 23 initial founders for this marketplace, divided into 3 groups, founder partners, integrity partners, and innovation partners. Climate Collective, Undo, VenTree Innovations, and In Planet are a few of the initial partners along with Ripple.
It is important to note that in 2021, the voluntary carbon market was estimated to be worth $2 billion. As businesses of all sizes continue to set aggressive climate objectives, experts predict that this amount will increase to nearly $150 billion in the upcoming eight years.
Proud to take #climateaction alongside @Thallo_io, a Web 3 carbon offset marketplace using the #XRPLedger to increase the transparency and efficiency in voluntary carbon markets. https://t.co/fWiy84USRz
— Ripple (@Ripple) October 3, 2022
Bring More Liquidity And Access To Carbon Data
The creation of this marketplace is to help connecting buyers and sellers of premium carbon credits. Weber also explained the function of XRP Ledger and Ripple in this partnership,
“By leveraging Ripple’s enterprise readiness and carbon neutral XRPL’s reliability at scale, Thallo is democratizing access to verified carbon credits for both institutional and retail investors to help offset their carbon footprints in a way that satisfies their key stakeholders.”
For quite some time, Ripple has fought for a sustainable future. For instance, it pledged $100 million in May to expand and fortify international carbon markets while addressing quality and transparency via blockchain and cryptocurrencies. The blockchain payment company also pledged to prioritize the environment in September, joining more than 375 other companies.