Yesterday Singapore carbon exchange CIX and the Carbonplace network announced that the two bank-backed organizations had completed a series of proof of concept transactions for voluntary carbon credits. Both organizations use blockchain.
One of the pilot’s objectives was to address compliance, or more specifically, know your customer (KYC) and anti-money laundering (AML) for participants, particularly the emerging market organizations selling carbon credits. The pilot demonstrated that the compliance process could be simplified, enabling shortened settlement times.
The participants in the pilots included carbon credit sellers Carbon Growth Partners and Sustainable Carbon, as well as Pavilion Energy, NatWest and Itaú Unibanco on the buyer side.
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