The world’s wealthiest guy, Elon Musk, challenged us all to “hodl the rainforest.” in a recent Tweet. The message in crypto parlance is that we all need to preserve the rainforests that remain for us and future generations. The Universal Protocol Alliance (UPA), a coalition of leading blockchain companies including Bittrex Global, CertiK, Fifth Age, Hard Yaka, Ledger, Trovio, SFOX and Uphold, have responded and are excited to announce today that a unique technological breakthrough is now possible: tokenized and transparently certified voluntary carbon credits. Crypto, it turns out, will save the rain forest.
Today, the world’s first tradable REDD+ carbon credit token, Universal Carbon (UPCO2), is the first environmental crypto merchandise to be listed on Bittrex Global, the largest digital asset trading platform headquartered in Liechtenstein.
“We are excited to be providing every Bittrex Global user with access to UPCO2,” said Tom Albright, CEO, Bittrex Global. “With this important new listing, we’re enabling institutional and retail investors to both invest in the appreciation of carbon credits and offset carbon footprints while helping to save the world’s rainforests.“
Every UPCO2 token, launched on 1 December 2020, represents one ton of CO2 pollution averted by a certified REDD+ project that prevents rainforest loss or degradation. Each token is assisted by a digital certificate provided by Verra and other international standards agencies, allowing accredited projects to transform their reductions in greenhouse gases (GHG) into tradable carbon credits.
The UP Alliance consulted many of the world’s leading carbon experts in the lead-up to the production of UPCO2 and BTC0 (an ERC-20 wrapped carbon neutral bitcoin), eventually creating the UP Carbon Base. The task of the UP Carbon Foundation will be to ensure that the carbon credits underlying UPCO2 are diverse, of unimpeachable quality, and that the money paid for fully executed credits will automatically flow into the expansion of protected land if possible via block issuance.
UPA Chairman, Matthew Le Merle said: “We believe Universal Carbon is the best way to achieve the mission of protecting the world’s remaining rainforests and are excited that Bittrex Global agrees. We plan to jointly submit our technological breakthrough for one of the X Prize Foundation awards that Elon Musk is sponsoring.“
“UPA is proud to have made Elon’s vision a reality. Hodling the rainforests is a critical and tremendous start, as they are the lungs of the world and under siege… but with the advent of digital carbon credits, an entire world of possibilities open up, creating an efficient conduit for market forces to deliver outsize results precisely where they’re most needed.” concluded Le Merle.