AirCarbon Exchange Receives $15M Investment

AirCarbon Exchange Receives $15M Investment - Carbon Herald
Source: T. Schneider via Shuttertstock

Last week AirCarbon Exchange (ACX) announced it has received a $15 million investment to support its business of providing voluntary carbon credits and a number of blockchain-based tokenized carbon assets.

Other investors in the funding round include Mubadala Investment Company PJSC and Thailand’s Banpu Public Company. 

Thus, the total investment has been brought to $25 million, including an investment from the Deutsche Börse in March as part of a strategic partnership with the European Energy Exchange (EEX), which is owned by the Deutsche Börse.

Since its launch in Singapore and original focus  on CORSIA tokens that support carbon offsets for the aviation industry, AirCarbon has expanded and now offers a whole range of tokens, amongst which are nature-based projects such as renewables, carbon capture credits, forests,  and others.

ACX uses the Polygon public blockchain.

In April2022, the platform officially confirmed its plans to create a regulated voluntary carbon market and clear house in the Middle East as part of the Abu Dhabi Global Market. 

Currently, the platform is working on the launch of a voluntary carbon marketplace in Brazil and has signed an agreement with the Nairobi Securities Exchange to establish Kenya’s first-ever carbon exchange.

Relevant: American Carbon Registry Partners Up With AirCarbon Exchange For ERT Offering

ACX has successfully affirmed the company’s position in the competitive carbon credit space on the blockchain.

Tokenization of carbon credits is a controversial topic for several reasons. In pursuit of sustainability, some believe that companies should focus more on reducing emissions than offsetting them. Several tokenized carbon credits from other blockchain startups have been criticized for poor quality. 

And due to the rapid growth of the Toucan Protocol that tokenized carbon credits from the Verra Carbon Registry, Verra paused the encryption process and launched a consultation. 

Verra thinks it’s confusing that Verra Credits are marked as withdrawn when tokenized instead of spent.

Read more: AirCarbon Exchange To Develop A Kenya Carbon Exchange In Collaboration With NIFC, NSE

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