IFC-Backed Carbon Opportunities Fund Uses Chia Network to Settle Tokenized Carbon Credits

Investment company Sumitomo Corporation of Americas purchased a batch of tokenized carbon offsets from the Carbon Opportunities Fund.

AccessTimeIconJun 28, 2023 at 1:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Carbon Opportunities Fund, a private equity fund for the development of carbon credit verification, settled its first transactions of tokenized carbon credits using the Chia blockchain.

Investment company Sumitomo Corporation of Americas (SCOA) purchased a batch of tokenized carbon offsets from the fund, which was developed on Chia by World Bank affiliate International Finance Corporation. (IFC).

  • Key Events You Shouldn't Miss at Consensus 2024
    02:13
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    11:19
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    13:29
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    07:15
    What's Next for FIT21?
  • Carbon offsets are a means for companies to compensate for their emissions by purchasing credits that fund projects in tree planting or renewable energy.

    The aim of the Carbon Opportunities Fund is to create a digital carbon market infrastructure using blockchain to add greater transparency to the offsets.

    At the time of writing, tokens of Chia blockchain (XCH) were up marginally at $34.29.

    "Chia can facilitate the integration of different carbon markets, making it easier for participants to trade credits across borders and platforms," said Mark Lyra, senior director at SCOA, said. "This can increase the liquidity and overall value of the carbon market, including the creation of new carbon asset classes."

    Edited by Parikshit Mishra.






    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.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    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.



    Read more about