SFOX is a crypto broker and, along with the Universal Protocol Alliance (UPA), announced that they are working together to fight global climate change. With the agreement, they want to make the Universal Carbon (UPCO2) token accessible for different wallets or digital exchanges. This was reported to Cointelegraph in Spanish through a statement.
Akbar Thobhani, CEO of SFOX, said:
“We know the majority of crypto users, digital natives and people leaning into the future are concerned about climate change, but so far it has been difficult to achieve personal differential. We at SFOX want to address this issue This alliance is a big step in that direction. “
UPA launched Universal Carbon in 2020 [UPCO2], a tradable REDD + Carbon Credit Token.
“Each UPCO2 token represents one tonne of CO2 pollution that is avoided by a certified REDD + project and prevents the loss or deterioration of the rainforest. Each token is supported by a Verified Carbon Unit [VCU], a digital certificate from Verra and other international standardization agencies, with which certified projects can convert their greenhouse gas reductions into tradable emission credits, ”the statement said.
“Since the demand for emission certificates in 2020 exceeds the supply 4: 1, the UPCO2 token is intended to democratize a new asset class, according to the World Bank, which could lead to a global compensation price for CO2. (as it exists today for other commodities such as oil and gold) and more resources could be allocated directly to environmental projects, ”they added.
Matthew Le Merle, Chairman of the UPA and Vice President of SFOX, said:
“From the world’s governments and international organizations to financial institutions and large corporations, there is an understanding that we need to create effective carbon-credit markets. For the majority of the 8 billion people worldwide, there is no easy and efficient way to get personal commitment To demonstrate neutralization of your carbon footprint. This is the problem we want to solve with this new alliance that we are announcing. “
About Universal Carbon
UPCO2s are voluntary carbon credits based on the Ethereum blockchain. Each UPCO2 token represents an annual ton of avoided CO2 emissions, which is verified by carbon units verified in the registers of Verra and other standards agencies. Real-time transparency is guaranteed by ERC-20 tokens created by the Universal Protocol Alliance.
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