The million dollar startup turns to Algorand to help tackle climate change

The blockchain market, Climatetrade will build its new carbon offset platform in Algorand. A top 50 cryptocurrency project aiming for scalability and transaction performance.

Climatetrade announced on Wednesday that it has selected the Algorand blockchain to bolster its carbon offset market. This is intended to help organizations achieve carbon neutrality, an important pillar in the fight against climate change.

Climatetrade relies on Algorand “Flexible architecture, low transaction fees and scalability of the transaction performance”, According to the CEO Francisco Benedito.

The million dollar startup turns to Algorand to help tackle climate change
The million dollar startup turns to Algorand to help tackle climate change

Algorand is the cryptocurrency project in 49th position with a total market of around USD 393 million. The ALGO token is currently trading at around $ 0.34.

Founded in 2016, With Climatetrade, companies can offset their carbon footprint by purchasing carbon credits directly on the platform. In addition, organization-specific sustainability reports are created, which are becoming increasingly important in the age of corporate social responsibility or CSR.

CSR considerations have also become a major driver of the so-called conscientious investment movement. Investing in CSR or strategies that take into account a company’s governance, social and environmental factors were once a niche move in financial markets. According to Morningstar data, this is now a trillion dollar industry.

Net inflows to CSR funds exceeded $ 71 billion in the second quarter. largely driven by interest in sustainable investments.

Climatetrade has apparently received EUR 1 million or USD 1.21 million in initial investments for its carbon market. Borderless Capital, which uses Algorand technology to finance “world class companies”, is one of its supporters.

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