According to a press release published on February 8, Blockchain carbon credit transaction network Carbonplace has raised $45 million in an investment round from its nine founding banks, totaling $9 trillion in assets under management. The banks are BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC and UBS. The London-based fintech has also announced that it will become an independent entity, led by new CEO Scott Eaton.
According to Carbonplace, the company will use the investment to bolster its platform and workforce, allowing it to expand its services to a larger client base of financial institutions and seek partnerships with other players in the carbon market, such as registries and exchanges. values around the world. Carbonplace has been described as the “SWIFT [Sociedad para las Telecomunicaciones Financieras Interbancarias Mundiales] carbon markets” that will allow participants to share carbon data in real time, ensuring secure and traceable settlement of transactions.
Robert Begbie, CEO of NatWest Markets, referred to McKinsey data, according to which “global demand for voluntary carbon credits is likely to grow 15-fold in the coming years.” He claimed that Carbonplace is uniquely positioned to meet that demand by providing scalable technology to environmentally conscious companies.
Although the service is expected to go live later this year, Carbonplace has already conducted pilot operations with companies such as Visa and Climate Impact X. Carbonplace uses its own distributed ledger technology to facilitate clearing transactions and has hailed digital wallets as a tool to “allow owners to reliably prove ownership to the market, reducing the risks of double counting and simplifying reporting.” “.
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