The world’s largest environmental platform Moss has launched the first truly global crypto token for carbon credits.
Last month, Coinbase joined the ranks of crypto exchanges to list the token called MCO2 on its platform, making it more accessible and enabling even more people to offset carbon emissions in a way that is both easy and meaningful.
The project has set out on the ambitious path of tackling the climate crisis by turning carbon credits into crypto tokens that can be bought by anyone willing to offset their carbon footprint.
At the time of writing the MCO2 token is worth $7.72 and has a 24-hour trading volume of $1,439,238.
How it all works
Aside from Coinbase, other crypto exchanges that have listed the MCO2 token on their platforms include Gemini, BKEK, Gate.io and Profit Global.
The use of blockchain technology ensures that transactions remain transparent and traceable.
One MCO2 Token is the equivalent of one carbon credit from a certified forestry project and burning a token on the Moss platform is equal to offsetting 1 metric ton of carbon dioxide.
The project directly contributes to the funding of conservation efforts and the reduction of greenhouse gas (GHG) emissions.
And another way in which Moss has made use of blockchain technology – NFTs.
The platform has obtained economic rights and tokenized governance to small areas in the Amazon forest into non-fungible tokens or NFTs.
Hence, it allows anyone to purchase a small piece of land in the Amazon to protect it from deforestation.
Funds from the purchase of MCO2 tokens will also go towards funding reforestation and natural regeneration efforts in the region that will naturally increase the ability of vegetation to sequester CO2 from the atmosphere.