LCO2 crypto can assist removing carbon from atmosphere
The LCO2 is a tokenised carbon credit, which can be traded on crypto exchanges
Likvidi, a sustainable finance company is launching the Liquid Carbon Credit (LCO2) crypto with each credit being “equivalent to one tonne of carbon removed from the atmosphere”.
The LCO2 is a tokenised carbon credit, designed to be traded at high liquidity on Likvidi’s platform and other crypto exchanges.
As Likvidi explains, “this gives the holder the ability to buy, trade, and offset carbon credits to achieve net-zero status.”
Likvidi believes the United Nations (UN) Climate Change Conference in 2021 and the Paris Climate Accords in 2015 have raised awareness of climate issues and “increased pressure on companies to reduce their carbon footprint, including use of voluntary carbon credits.”
The Avalanche blockchain
The Voluntary Carbon Market (VCM) was worth $1bn (£0.75bn) in 2021 and is predicted to be valued at $100bn (£75bn) by 2050.
The carbon credits will open new income streams for farmers and forest administrators, according to Likvidi.
Likvidi is also partnering with a decentralised autonomous organisation (DAO) maker for the LCO2 launch due to their track record of “supporting blockchain-based start-ups and a shared vision for accelerated carbon markets”.
The sustainable finance company has picked Avalanche (AVAX) blockchain to run the LCO2 token on, as it has a far smaller energy footprint compared to other leading cryptos. It uses just 0.0028% of an energy footprint compared to the Ethereum (ETH) network.
Strong track record in the blockchain space
Likvidi leadership has a strong track record in the blockchain space. Ransu Salovaara, CEO and co-founder of Likvidi also co-founded the blockchain advisory firm TokenMarket and launched Europe’s first BitcoinETI (Exchange Traded Instrument), listed on the Gibraltar stock exchange and Deutsche Borse.
Salovaara said: “The world is now waking up to the challenge of reducing carbon emissions. Governments alone won’t achieve this, so private companies must follow the examples of Microsoft and Google in going carbon neutral. Likvidi will enable companies to securely and transparently trade carbon credits, to offset carbon emissions and to incentivise them to sponsor the protection of our vital ecosystems.”