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.
Proud to take #climateaction alongside @Thallo_io, a Web 3 carbon offset marketplace using the #XRPLedger to increase the transparency and efficiency in voluntary carbon markets. https://t.co/fWiy84USRz
— Ripple (@Ripple) October 3, 2022
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.
XRP VOLUME ALL TIME HIGH?
$26 Billion? someone preparing for a pump pic.twitter.com/k9Gqx5YzAs
— Alex Cobb (@AlexCobb_) October 1, 2022
The token is currently trading at the $0.4574 price point, up 4.04% in the last 24 hours.