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 May 9, 2023 at 3:13 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

  • What South Korea's Latest Election Means for Crypto Adoption in the Country
    00:38
    What South Korea's Latest Election Means for Crypto Adoption in the Country
  • Hong Kong Approving an Ether ETF Could Be a 'Surprise,' Analyst Says
    00:52
    Hong Kong Approving an Ether ETF Could Be a 'Surprise,' Analyst Says
  • What South Korea's Elections Mean for Crypto; The Potential for Spot BTC and ETH ETFs in Hong Kong
    19:02
    What South Korea's Elections Mean for Crypto; The Potential for Spot BTC and ETH ETFs in Hong Kong
  • Would You Get Paid in Crypto?
    00:57
    Would You Get Paid in Crypto?
  • 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.

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.