The web3 and climate tech start-up Thallo made a major announcement on November 14th. It announced an oversubscribed $2.5 million funding round that allows the company to accelerate the ongoing development and marketing of its flagship Thallo carbon exchange.
Among the investors are enterprise blockchain and crypto company Ripple, Arcan LLC, Friendly Trading Group 2, Allegory, Cerulean Ventures and Flori Ventures. The company also received a grant from Layer 1 blockchain Celo, via the Climate Collective, and has also entered into a technical partnership with Ripple.
“The only realistic way to make real progress on the climate emergency is to increase participation… That means that every person who wants to invest in the future of our species, every investor seeking to capitalize on ESG, and every company that wants to be a force for good benefit from effortless, direct access to the voluntary carbon market. That’s precisely what Thallo provides…,” said Ryan Gledhill, Thallo Co-Founder and CEO.
Founded in 2021, Thallo’s flagship carbon exchange allows businesses and individuals to filter, find and purchase high-quality, verified carbon credits directly from project developers, using blockchain technology to make the process efficient, traceable and transparent.
The company implements a non-commoditized approach to carbon credits and focuses on working directly with project developers to ensure fair value to them.
According to the startup, its first-of-its-kind marketplace is using web3 technology to solve major pain points affecting the contemporary voluntary carbon market like transparency and traceability – issues growing in importance as companies are working hard to find real climate solutions in order to achieve their sustainability goals.
The company also recently announced a new collaboration with BioCarbon Registry – a carbon marketplace, to create the world’s first two-way bridge between a registry and the blockchain.
The approach is a breakthrough in the space and means the carbon credit could be moved on and off the blockchain without the risk of double accounting or lack of traceability. The process aims to reduce barriers between potential buyers looking for high-quality verified carbon credits from nature-based solutions projects.