In a recent tweet, Uphold, a U.S.-based exchange known for supporting XRP, spotlighted Ripple’s recent endeavor into combatting climate change.
The exchange mentioned to its community on X that Ripple entered a new partnership to establish Centigrade, a carbon-focused firm. Aside from being founder partners, Uphold highlighted that Ripple would operate as an investor in the climate change initiative.
📰 @Ripple Enters Carbon Markets with Centigrade
Centigrade is an open data platform that supports global carbon & nature markets.
In addition to being a founding member, Ripple will operate as an investor & technology partner within the Centigrade ecosystem. pic.twitter.com/vhCR5bN8kg
— Uphold (@UpholdInc) August 21, 2023
Early this month, Ripple and the Rocky Mountain Institute (RMI) announced undertaking a significant collaboration towards reshaping the global energy landscape. The collaboration gave rise to Centigrade.
This newly established firm aims to usher in a new era of transparency and accountability within carbon markets. The ultimate goal is to accelerate the transition toward a cleaner, zero-carbon future.
Ripple and @RockyMtnInst are proud founding partners of @CentigradeEarth —a new open data platform that brings increased transparency, trust, and integrity to carbon markets.
Centigrade powers the next evolution in carbon markets: https://t.co/zI1kyQg55m
— Ripple (@Ripple) August 7, 2023
Furthermore, the press statement noted that Centigrade’s core objective is to empower carbon and nature market developers. Centigrade will give the developers an accessible avenue to showcase their projects to the public.
Moreover, the report emphasized the persistent challenges of carbon markets, including efficiency and scalability. It noted that the existing market’s shortcomings in quality supply and outdated mechanisms have impeded its full potential. Centigrade seeks to transcend these obstacles by introducing innovative solutions.
Notably, the integration of blockchain technology was also a focal point in the carbon initiative. Ripple foresees blockchain, particularly its XRP Ledger (XRPL) solution, as a driving force in propelling global nature markets toward their maximum potential. The company highlighted that its blockchain technology has achieved a net-zero carbon emission status by using renewable energy sources.
Meanwhile, amid Ripple’s continuous development endeavors, an XRP enthusiast sees hidden potential in XRP, given its association with Ripple.
