Yesterday a group of cryptocurrency firms launched a tradable carbon token, Universal Carbon. The Universal Protocol Alliance (UP Alliance) is a coalition of several firms, including hardware wallet Ledger, cryptocurrency exchanges Uphold and Bittrex Global, and InfiniGold, which tokenizes gold held at the Perth Mint.
Each Universal Carbon token is backed by a Voluntary Carbon Unit (VCU), a digital certificate issued by standards body Verra. In this case, it represents one year-tonne of CO2 pollution prevented by tackling deforestation. In turn, the projects that have been certified are classified as UN REDD+ projects where REDD stands for ‘reducing emission from deforestation and forest degradation.”
We contacted Verra to verify whether it was consulted about the tokenization project but didn’t receive a response before publication.
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