In an effort to establish a marketplace that connects buyers and sellers of premium carbon credits, web3 climate start-up Thallo signed a collaboration with Ripple and several other firms.
Thallo’s platform, which runs on Ripple’s XRP, specifically deals with the present carbon market’s pricing issue. Its new platform will provide a faster way to connect buyers and sellers, as well as ensuring more secured transactions.
“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,” said Joseph Hargreaves, the co-founder of Thallo.
The announcement stated that the voluntary carbon market has a total cap of nearly $2 billion and is estimated to reach $150 billion over the next eight years.
One of the founding partners of Thallo is Ripple. Ken Weber, Vice President of Ripple, said that blockchain and crypto technology are ideally positioned to drive market growth by tackling ongoing difficulties regarding transparency, verification, and traceability.
In tandem with Ripple’s goal to support carbon neutrality in the crypto industry, Thallo is working to offer increased liquidity to the carbon market. The XRPL from Ripple has been carbon-neutral, and the company has been putting in effort to expand green energy projects.
