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Ripple Announced As Founding Partner Of First Ever Web 3 Carbon Credit Marketplace

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Ripple continues to see adoption, tapped as a founding partner of a blockchain-based carbon credit marketplace.

In a tweet on Monday, Ripple confirmed that it is one of the founding partners of Thallo, a Web 3 carbon credit marketplace based on the XRP Ledger.

It bears mentioning that Thallo is the first of its kind. As stated in the platform’s press release on Monday, Thallo will solve problems with liquidity and lack of transparency in pricing faced in the carbon credit marketplace. 

“As the demand for carbon credits intensifies, blockchain and crypto technology is uniquely positioned to help support market growth by solving persistent challenges around transparency, traceability, and verification,” said Senior Vice President, Social Impact and Sustainability at Ripple, Ken Weber. The Ripple executive asserted that by building on the XRP Ledger, Thallo would offer carbon credit access to institutional and retail investors.

The startup has 23 initial partners split into three groups; founding partners, integrity partners, and innovation partners.

It is worth noting that the voluntary carbon market was valued at about $2 billion in 2021. Experts expect this figure to rise to about $150 billion in the next eight years as companies of different sizes continue to set ambitious climate goals.

Layer 1 Adoption:

It bears mentioning that Ripple continues to see increased adoption as a Layer 1 and enterprise blockchain despite its legal woes in the US. The latest announcement comes less than a week after The Crypto Basic reported that French fashion house Balmain was launching an NFT membership platform on the network.

Ripple Vs. SEC:

Notably, the firm remains locked in a legal battle with the US Securities and Exchange Commission (SEC). However, many believe the end is near as both parties have filed motions for summary judgment. In addition, crypto enthusiasts remain hopeful for a Ripple victory. Less than a week ago, Judge Analisa Torres overruled the SEC’s objection to a ruling by Judge Sarah Netburn requesting that the agency hand over documents related to the drafting of the controversial William Hinman speech in 2018.

Meanwhile, two firms have decided to throw their weight behind Ripple, requesting an amicus brief supporting the payment-focused enterprise blockchain.

XRP Trading Volume:

Consequently, the demand for XRP, the network’s native token, has continued to rise. Notably, XRP’s 24-hour trading volume surged by an astounding 542% at the beginning of the month, according to CoinMarketCap data.

The token is currently trading at the $0.4574 price point, up 4.04% in the last 24 hours.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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