Ripple bolsters Climate action via the Partnership with Thallo

Lavina Daryanani
Source: The Cryptonomist

Leaving aside tech innovation, crypto and blockchain-based companies have increasingly been becoming climate and environment conscious. One of the main reasons why Ethereum’s transition to PoS was lauded by the community was because of the proposed 99% energy usage reduction.

Ripple enters into a new Partnership

Other companies have also been putting in efforts to play their part well. Blockchain payment company Ripple announced recently that it had partnered with Thallo—a Web3 carbon credit marketplace based on the XRP Ledger—to take climate action.

Ken Weber—Senior Vice President, Social Impact and Sustainability at Ripple—said in a statement,

“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.”

Alongside Ripple, the founding partners include Climate Collective, Undo, VenTree Innovations, and In Planet among others.

Thallo’s marketplace is set to bring more liquidity and greater access to pricing and market data in the carbon market. It intends to do so by making buyers and sellers of high-quality carbon credits find each other.

Elaborating on Ripple and XRP Ledger’s role, Weber said,

“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.”

Ripple has been batting for a sustainable future for quite some time now. In May, it committed $100 million to scale and strengthen global carbon markets, addressing quality and transparency using blockchain and crypto. Furthermore, the blockchain payment firm also signed a Climate Pledge in September. It joined with more than 375 businesses to prioritize the planet with the pledge.

Also Read: Ripple to Invest $100 Million in Climate-Focused Fintech and Carbon-Reduction Technology