Climatetrade announced a partnership and investment together. They will use the Algorand network in their blockchain system. The team believes that the new partnership will help them toward improving the technology faster.
The investment news includes Borderless Capital that has invested 1 Million euros in Climatetrade in their seed round.
Offering Better Decentralized Services Focused on Climate Changes
The new partnership with Algorand helps Climatetrade improve its blockchain offerings. They currently work with big companies like Iberia, Melià Hotels, Cabify, and Telefónica to offset their carbon footprint. Customers receive services in a carbon marketplace by trading their footprint tokens with carbon credits.
Algorand is a public blockchain network, and Climatetrade has chosen them to empower the platform’s infrastructure level. They believe the recent partnership will make Climatetrade’s blockchain more efficient, transparent, and inclusive.
The recent partnership with Climatetrade helps Algorand expand its customer base. W. Sean Ford, COO of Algorand, said:
“Climatetrade’s selection of Algorand to power a global marketplace for carbon offsetting is a major shift in how organizations can achieve carbon neutrality. By making carbon offsetting more easily accessible and efficient, Climatetrade is poised to make a far-reaching environmental impact through its vast network — all with blockchain.”
The new investment from Borderless Capital will help Climatetrade expand its reach. They will be able to open markets in the US using fresh money. Besides, Climatetrade will open its first office in Silicon Valley to attract new customers in that region. Working with startups and big-tech companies in Silicon Valley is an excellent opportunity for Climatetrade to show its capabilities better.
“After analyzing several technology providers and rigorous due diligence, we chose Algorand as the blockchain infrastructure to power our platform. We have no doubt, Algorand is the perfect solution due to its flexible architecture, low transaction fees, and scalability of transactional performance. Besides, they are the only pure proof-of-stake (PPoS) network, and we have an aligned business vision,” said Francisco Benedito, CEO of Climatetrade.”
Although many believe that some blockchain networks and cryptocurrencies are a threat to the global climate, there are many blockchain projects out there that focus on climate change problems. Climatetrade is one of the leading ones that try to facilitate carbon neutrality activities in companies. Their new partnership and investment show serious programs for improving services and attracting more customers. The investment from Borderless Capital is a perfect help toward that path, for sure.
“We are excited and proud to join ClimateTrade. The use of Algorand technology and blockchain for making the planet a better place is at the core of our investment philosophy and mindset,” said David Garcia, CEO and Managing Partner of Borderless Capital.
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