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The Spanish startup for carbon offsetting joins Algorand Blockchain

The Spanish company Climatetrade announced in a statement on December 3rd that it would be an association and joint investment with the digital blockchain technology network of Algorand and Borderless Capital as an investor. with the aim of improving the infrastructure level of the platform and supporting the company’s expansion goals. This was reported by the digital media, The digital confidentiality.

The blockchain marketplace for carbon offsetting carbon will use Algorand, a scalar, secure and decentralized blockchain technology network, in its blockchain system. The team claims that this new alliance will allow them to improve the Climatetrade blockchain faster, more transparently, and more inclusive. Borderless Capital also took part as an investor with 1 million euros in the Climatetrade start-up round, thereby supporting the company’s strategic plan and expansion goals.

The company currently offers its services to large companies, including at the level of Iberia, Meliá Hotels, Cabify and Telefónica, in order to offset their carbon footprint. This new partnership with Algorand enables Climatetrade to improve its blockchain offerings.

Blockchain in the service of climate change

The Spanish startup for carbon offsetting joins Algorand Blockchain
The Spanish startup for carbon offsetting joins Algorand Blockchain

The Spanish company and its customers will use Algorand as their main infrastructure and exploit the potential for carbon offsetting. As the note suggests, the benefits of using a public blockchain network to conduct transactions and create an open market for carbon allowance trading are greater efficiency, transparency and inclusion.

Algorand Operations Manager W. Sean Ford claims that this union enables the platform to expand its customer portfolio, adding:

“Climatetrade’s selection of Algorand to strengthen a global carbon neutralization market is an outstanding advancement in how organizations can achieve carbon neutrality.” (…) “By making CO2 neutralization more accessible and efficient, Climatetrade has placed itself in a position that enables it to achieve environmental impact through its extensive network, all with blockchain.” confirmed the chief of operations from Algorand.

On the other hand, the CEO of Climatetrade, Francisco Benedito satisfactorily confirms the choice of Algorand as the blockchain infrastructure to control the platform. because according to their criteria they are the only network with Pure Proof of Stake (PPoS), with a flexible architecture and in the same commercial line.

However, In terms of the financial investments made by Borderless Capital, it will allow Climatetrade to broaden its horizons towards a new market in the United States.. There it will open its first office in Silicon Valley to attract new customers in that region who want to ratify their work with sustainability by offsetting their carbon emissions.

“Borderless is the ideal partner for us as it has extensive experience with companies that integrate blockchain at their core. We are sure that this will help Climatetrade to expand faster and complement our strategy perfectly. ” Francisco Benito added.

About those involved

Climatetrade is a Spanish startup whose main goal is to help companies achieve their sustainability goals by neutralizing CO2 emissions and financing climate protection projects.

Algorand, for his part, built the world’s first pure, non-permissible open source blockchain protocol for demonstrating its use in the next generation of financial products. With a total market of around $ 393 million, it ranks 49th in cryptocurrencies.

Borderless Capital is a modern day financial institution that invests capital and creates financial products that accelerate access, first-time adoption, and global value creation through Algorand’s borderless economy.

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