In collaboration with Thallo, Ripple (XRP) is set to unveil the pioneering Web3 market dedicated to carbon credits.

Ripple, widely known as XRP, has announced a formal partnership with Thallo to facilitate the development of a new carbon credit marketplace. blockchain -based carbon credit marketplace. 

The initiative includes additional founding members such as Climate Collective, VenTree Innovations, BIOFIX, Undo, and TrendCO2.

The importance of carbon credits has surged over the past decade. Essentially, companies that produce excessive CO2 emissions can purchase carbon credits from those that do not emit at all. A carbon credit signifies the entitlement to release one ton of carbon dioxide (CO2) into our atmosphere.

As the market matured, a global trading system for these credits took shape, and now Ripple and Thallo are poised to create the first-ever blockchain-driven carbon credit marketplace. The concept is straightforward—using blockchain to streamline the connection between buyers and sellers in the carbon credit market.

Ken Weber, Ripple's senior vice president, noted, \"As demand for carbon credits continues to grow, blockchain and cryptocurrency technology is perfectly positioned to bolster market expansion by addressing ongoing challenges related to transparency, traceability, and verification. In alignment with Ripple's vision for more effective and scalable carbon markets, Thallo's accomplished team is crafting a marketplace that will increase liquidity, enhance access to pricing and market intelligence, and streamline the certification process in a market often plagued by opacity and sluggishness.\"

Addressing climate change has gained traction as a top concern for many nations worldwide. As a result, the carbon credit market reached a valuation of $2 billion in 2021 and is anticipated to soar to $150 billion within eight years.

said Even amidst a downturn in the crypto market, XRP remains one of the strongest performers among the top ten cryptocurrencies. While challenges persist, the ongoing legal developments won't likely lead to any significant ramifications.

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