Ripple is still enjoying significant adoption, and a blockchain-based carbon credit marketplace has chosen it as a founding partner.

In a tweet on Monday, Ripple acknowledged that it is one of the founding members of Thallo, a Web 3 carbon credit marketplace built on the XRP Ledger.

The fact that Thallo is the first of its kind is noteworthy. According to a press release issued by the platform on Monday, Thallo will address the market for carbon credit’s issues with liquidity and a lack of pricing transparency.

The Carbon Credit Marketplace Will Be Decentralized

According to Ken Weber, Senior Vice President of Social Impact and Sustainability at Ripple, “As demand for carbon credits grows, blockchain and crypto innovation is uniquely placed to aid market growth by addressing significant challenges around openness, traceability, and verification.”

“Thallo’s team of experienced personnel and tech experts is developing an online marketplace that will enhance liquidity, easier access to pricing and market data, and an advanced certification procedure to an often vague, slow, and siloed market, in line with Ripple’s devotion to more efficient and scalable carbon markets.”

Thallo is decentralizing access to certified carbon credits for institutional and retail investors to help them reduce their carbon footprints in a way that pleases their major stakeholders by using Ripple’s enterprise readiness and carbon-neutral XRPL’s reliability at scale.

It is important to note that in 2021, the voluntary carbon market was estimated to be worth $2 billion. Experts say that in the next eight years, this amount will rise to nearly $150 billion as companies of all sizes continue to set aggressive climate goals.

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