![]() ![]() The WSJ reported that the mostly anonymous developers of Klima say their tokens also help the climate by reducing the availability of carbon credits and pushing up their prices. More than 14 million BCT tokens have followed this route and can't be used for carbon offsets. The DAO then keeps the BCT tokens in its treasury, removing them from circulation. The decentralized autonomous organization allows people to buy Klima tokens, which are traded on cryptocurrency exchanges, with BCT tokens. The report noted that trading in BCT has been driven by Klima, a separate crypto asset run by KlimaDAO. Toucan told WSJ it's working to overhaul the voluntary carbon market in part by providing real-time pricing information and a public record of trades to track who can take credit for funding projects to improve the climate. And the tokens traded for as much as $5.59 on Monday, according to CoinGecko, representing a value of roughly $95 million on crypto exchanges. More than 17 million carbon credits have been tied to BCT tokens, the WSJ said. BCT stands for Base Carbon Tonne and the tokens can be traded on cryptocurrency exchanges. But while the projects receive third-party certification, the credits are traded on unregulated markets.Īmong market participants, WSJ highlighted Toucan, a decentralized finance project that lets users who own carbon credits link them to digital tokens called BCT, which went live in October. ![]() Many companies buy them to compensate for their emissions. Proponents say crypto can bring more transparency to carbon credits, which stem from projects such as establishing renewable-energy farms. Millions of credits for greenhouse-gas emissions are now connected to new cryptocurrencies, according to a report by The Wall Street Journal, with the fast-growing market attracting DeFi projects and investors like billionaire Mark Cuban. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The credits are traded on unregulated markets, with prices dependent upon activity in carbon removal.īut more than 17 million carbon credits are now tied to tokens called BCT and are worth about $95 million. Millions of credits for greenhouse-gas emissions are connected to new crypto tokens, The Wall Street Journal reported on Monday. It's worth listening to the people who know forests best.
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