Million-dollar startup Climatetrade has decided to use the Algorand blockchain in its marketplace to reduce carbon emissions.
According to a news article on Cointelegraph Climatetrade is designing a new CO2 carbon offsetting platform that will be based on Algorand. This is a major cryptocurrency project that is being developed for improvement in the transactions and scalability.
The startup announced that they are making use of the Algorand blockchain. They intend to do that in their fight to reduce the carbon emission. Using the architecture, they want to help other firms contribute to achieving CO2 neutrality.
According to Francisco Benedito, who is the CEO, they want to design Algorand on a steady and flexible architecture that allows fewer fees for transactions but significant improvements for scalability.
Algorand, which is the first open source in the world, had tweeted this on the development.
Today, Algorand ranks close to the 50th largest cryptocurrency project. The value of the project is around $400 million, with ALGO token trading for $0.34 in the crypto market. Climatetrade was founded in 2016 and lets firms reduce their carbon footprint using carbon credits.
The carbon credits can be bought on the platform. Besides, the project will enable reports that are related to the organization. In the age of corporate social responsibility CSR, organizations want to do their part in climate change.
Startups have called for an investing-with-a-conscience movement. It involves them to ensure that decisions such as climate change are not impacted negatively. The ESR investing accounts for an organization’s social and governance factors.
Today, it is a huge industry worth more than $1 trillion dollar. This is according to the Morningstar. A news publication on Investing too claimed that ESR funds with net flows were able to reach more than $70 billion driven by robust investing.
As of now, the startup has been able to arrange close to $1 million for investing in projects related to the carbon footprint. Besides, they have been able to convince a few firms to back them up, like Borderless Capital that funds “category-leading businesses.”