Ripple has announced a $100 million investment in the carbon credit sector, CEO Brad Garlinghouse told Cointelegraph’s Joseph Hall in an interview on the sidelines of the World Economic Forum (WEF) annual meeting, which concluded on May 26.
Garlinghouse noted the growing profile of cryptocurrency at the international summit, comparing his experiences from the past few years.. “As leaders around the world learn how these technologies can really benefit their constituents, their economies, they will end up using them […] I think we’re seeing that happening every day.” Garlinghouse said.
He went on to say that non-fungible tokens are “undervalued, even though there is obviously a lot of buzz in parts of the market”. Specific:
“Multi-Asset Tokenization Is Undervalued.”
Garlinghouse cited carbon credit trading, which is often “challenged” for fraudulent activity, as a use case for tokenization due to its transparency and traceability. “It could revolutionize carbon credit markets, the efficiency of carbon credit markets”, Garlinghouse said. Ripple is investing $100 million in this sector, the CEO added.
The cryptocurrency will have some real use cases in 2022, Garlinghouse continued. Cross-border transactions are one example that Ripple is working on. Currently, cross-border transactions are “typically quite slow, very expensive and frankly very error-prone”, while the XRP chain has been “a very efficient and low-cost bridge,” he said.
“I don’t think we live in a world that depends on a single network,” Garlinghouse said. “It’s a multi-chain world, there are going to be a lot of different utility use cases.” Ripple will continue to focus on businesses, but other cryptocurrency projects are also looking at consumer use cases, he explained.
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