XELS ‘carbon-conscious’ blockchain-platform lists on Bittrex Global

XELS ‘carbon-conscious’ blockchain-platform lists on Bittrex Global

Japan-based XELS, a startup that aims at tackling growing climate change by increasing the transparency and participation in carbon markets, has reportedly announced the listing of its XELS token on Bittrex Global.

Notably, XELS will offer both individuals and businesses access to blockchain-led carbon offset system, that primarily focuses on tokenized carbon offset credits. These credits are gaining the attention of companies that wish to show their customers their seriousness towards controlling carbon emission levels.

Ever since the carbon markets were introduced post following the Paris Agreement and Kyoto Protocol, fraud has affected carbon credit trading and sales. Bad actors at times sell expired or fake carbon credits, and recycling of fraud has led to an increase in spending of unretired credits.  

Seemingly, carbon market indicates the perfect use case of the distributed ledger technology offered by blockchain, since these transactions can be reversed, duplicated or modified. These tokenized carbon credits can be “burned” through a public transaction hash showcasing that it may have retired.

According to a statement by Takeshi Nojima, Founder and CEO, XELS, decentralization is an integral way to ensure than carbon markets function effectively. Moreover, XELS will allow the industry to maintain transparent and open record- from source, to sale, to its retirement.

Takeshi further mentioned that the above will simplify the process for corporations to offset their carbon without any fraud thereby encouraging them to adopt sustainable practices.

For the record, XELS will be available as a platform token that will be used to access a future suite of stablecoins that are linked to several standardized carbon offset credits.

In the coming times, the startup aims at offering compliance credits, that are regulated under trade agreements and national cap.

As per reports, the Tokyo-headquartered company will prevail as an ERC20 token during launch, the firm is taking note of the concerns surrounding the high consumption of Bitcoin, Ethereum, and other cryptocurrencies.  

Source Credit: https://www.prnewswire.com/news-releases/xels-an-eco-conscious-blockchain-platform-for-buying-and-trading-carbon-credits-lists-on-bittrex-global-301261633.html