Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-04-25 09:21:26

With MVGX, OCBC Bank Will Set up Carbon Credit Trading Utilizing NFTs

OCBC Bank in Singapore has teamed up with MetaVerse Green Exchange (MVGX) to create tokenized carbon credits that will aid huge enterprises in reducing their carbon footprint. OCBC’s cooperation with MVGX, a Singapore-based exchange licensed and controlled by the Monetary Authority of Singapore, marks the bank’s debut into the digital asset field following its announcement that it was considering setting up its crypto exchange last year. The tokenized carbon credits will use MVGX’s non-fungible token (NFT) distributed ledger technology to provide a “verifiable, immutable, and constantly updated record of the carbon performance of the climate-action projects that they have invested in through these digital carbon credits,” which will launch later this year. Carbon neutrality tokens (CNTs), based on MVGX’s unique Non-Fungible Digital Twin (NFDT) distributed ledger technology, are linked to carbon-neutral projects worldwide, such as reforestation and renewable energy projects. “With the recent release of the Intergovernmental Panel on Climate Change (IPCC) report, there will be additional urgency in corporates’ transition to a low-carbon future through reducing greenhouse gas emissions,” said Elaine Lam, head of OCBC Bank’s Global Corporate Banking.The post With MVGX, OCBC Bank Will Set up Carbon Credit Trading Utilizing NFTs first appeared on Cryptoknowmics-Crypto News and Media Platform.The post With MVGX, OCBC Bank Will Set up...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer