Blockchain marketplace Climatetrade has reportedly selected Algorand as the facilitating platform, upon which its new CO2 carbon offsetting solution will be designed.
Specifically, Algorand – among the 50 crypto-focused entities looking to achieve scalability and transactional performance – will reportedly be the chosen blockchain platform to operate its carbon offsetting marketplace – developed primarily to assist establishments in acquiring CO2 neutrality – a crucial factor in the battle against climate change.
Climatetrade is designing its new solution on the Algorand blockchain reportedly due to its “flexible architecture, low transaction fees and scalability of transactional performance”, per the firm’s Head, Francisco Benedito.
Algorand reportedly ranked 49th on the list of most major crypto projects, with a total market of approximately $393 million. Its ALGO token currently trades at around $0.34.
Climatetrade – established 4 years ago – reportedly enables firms to offset their CO2 footprint, via buying carbon credits on the platform in a direct manner. It further generated organization-focused particular reports, which are gradually being recognized for its importance during the time of corporate social responsibility (CSR).
CSR considerations have reportedly also played a crucial role in what is perceived as investing-with-a-conscience movement.
Climatetrade has reportedly been successful in obtaining €1 million ($1.21 million USD), via seed investments for its CO2 marketplace. Borderless Capital – the entity offering financial funding for “category-leading businesses” via utilizing Algorand tech, is one of its backers.