Ride-Sharing Giant Cabify to Track and Offset Carbon Emissions Using Blockchain Platform

Cabify, one of the world's largest ridesharing companies, is moving to offset its carbon emissions with the help of blockchain marketplace ClimateTrade.

AccessTimeIconDec 3, 2020 at 9:58 a.m. UTC
Updated Sep 14, 2021 at 10:37 a.m. UTC

One of the world's largest ride-sharing companies, Cabify, is moving to offset its carbon emissions with the help of blockchain technology.

Announced last week, the Latin American ride-sharing business has tapped Valencia, Spain-based blockchain fintech firm ClimateTrade to digitize and track its carbon emissions.

ClimateTrade's chief marketing officer, Ana Karen, told CoinDesk via email that Cabify selected her firm's platform as a way to compensate for the ride-sharing giant's carbon footprint. The system works by tracking users' rides and offsetting the carbon dioxide generated by distributing credits on ClimateTrade's blockchain marketplace.

The marketplace acts as an intermediary between those seeking to offset emissions and those wishing to invest in sustainability, according to ClimateTrade's website.

Users can directly offset their carbon footprint by selecting the most suitable credits from the projects offered and obtain the records of all their transactions in a private account.

"This alliance will provide transparent accreditation of the company's carbon neutrality," said ClimateTrade's CEO Francisco Benedito in a press release.

Cabify is popular throughout Latin America as well as Spain, where it is based, and currently operates in 40 cities across nine countries, per the company's website.

In related news, Climatetrade is to tap blockchain technology from Algorand, according to a press release Wednesday.

"Climatetrade and its customers will be using Algorand as its primary infrastructure layer and leveraging its capabilities for carbon offsetting," according to the announcement.

Additionally, Borderless Capital has joined a €1 million seed round for Climatetrade, per the same release.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC