Veridium has also announced its key lead token buyers including BlockTower Capital, Brian Kelly Capital Management, JCH Capital PTY, and Pink Sky Capital. The token purchases totalling $5 million reportedly entered just before its October 1st presale.
The Hong Kong-based stated that the announced group of serial entrepreneurs and venture capitalists will support Veridium’s aim of transforming the carbon credit industry through blockchain’s immutable technology, as well as accelerate innovation.
Todd Lemons, Chairman of the Veridium Foundation, emphasized:
“The prominence of the our lead token buyers in both the crypto and financial industries, shows not only the viability of Veridium, but also highlights the importance of the goals we are trying to achieve. Having prominent funds such as BlockTower Capital and Brian Kelly support Veridium is a strong confirmation of our progress as we execute Veridium’s vision of transitioning to a sustainable economy.”
To achieve their goals, Veridium developed a unique solution for issuing carbon credits which will transform them into a new type of cryptocurrency that can be traded and used with less friction. Veridium explained that its solution addresses problems connected with using carbon offsets today like liquidity, expiration dates, price variations, and many different verification standards. Unlike the laborious traditional process of offsetting corporate carbon footprints, Veridium’s blockchain solution automates this process and makes transaction reconciliation easy.
Known for producing disruptive sustainability solutions for Fortune 500 companies, Veridium uses a proprietary carbon accounting protocols developed by EcoSmart Labs. According to the release, the protocols also offset the carbon emissions associated with the digital token itself, thus lightening the increasing concern over the carbon emissions in the blockchain industry.
Carbon footprints are not the only things IBM is trying to help change. Early this September, the tech giant released its new cross-border payments platform called IBM Blockchain World Wire. IBM’s new technology will reportedly make it possible for financial institutions to “clear and settle cross-border payments in near real-time.”
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