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Ripple sets up a $100M fund to boost carbon removal

Ripple Price XRP-USD
Ripple Price XRP-USD

Ripple, a blockchain company, committed to transforming the digital payments sector, has issued a $100 million fund. The fund will boost carbon removal and support the modernization of these kinds of markets using investments secured from innovative carbon-removal technology.

Ripple invests $100M for climate goals

A press release from the company said that through this initiative, Ripple wanted to develop a “portfolio of additive, long-term, nature and science-based carbon credits, back innovative carbon-removal technology companies and market makers.”

Part of the fund will fulfil Ripple’s commitment to being carbon-neutral in less than ten years. The fund will also focus on supporting the evolving functionality of the network and unveil developer tools that support carbon credit tokenization of the NFTs developed on XRP Ledger, the public blockchain of Ripple.

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Ripple’s Chief Executive Officer, Brad Garlinghouse, said, “Our  $100 million commitment is a direct response to the global call to action for companies to help address climate change by deploying resources, including innovative technology, strategic capital, and talent. While reducing emissions and transitioning to a low-carbon future are paramount, carbon markets are also an important tool for meeting climate goals.”

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Garlinghouse also added that blockchain technology and the crypto space could play a major role in supporting carbon markets and allow them to achieve their full potential by offering more liquidity.

The General Manager of RippleX, Monica Long, said that the tokenization of carbon credits would also play a major role in the long run. Therefore, integrating blockchain and enabling the sector to be at par with global climate goals would remove concerns about fraud and address the issues related to climate change.

Ripple’s growth

Ripple has established a solid position as a leading blockchain supporting payments. The Ripple blockchain announced that it would form a strategic partnership with Lithuania’s FINCI. The partnership plans to support retail remittances and B2B payments through RippleNet’s On-Demand Liquidity (ODL0.

Ripple is also positioning itself as a leading network supporting central bank digital currencies (CBDCs). Its focus on retail remittances has enabled it to secure partnerships with leading traditional financial institutions.

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