EBENE, Mauritius, Dec. 16, 2021 (GLOBE NEWSWIRE) — Xange.com, a sustainably run securities exchange operated in partnership with the United Nations, announced today that it will develop a Carbon Credit Solution on the carbon neutral XRP Ledger (XRPL).
Xange.com is working hand in hand with the UN Development System (UNDS), focusing on African market infrastructure solutions for carbon markets and to contribute to the Sustainable Development Goals.
In this context, Xange.com is preparing the launch of the implementation of its voluntary carbon credit infrastructure to channel Carbon Credit Offsets from the African Great Green Wall Initiative.
Xange.com will develop a Carbon Credit Solution on the XRP Ledger for the issuance of tokenized carbon credits, in accordance with standards set by the leading industry working groups like the InterWork Alliance (IWA), a Global Blockchain Business Council (GBBC) initiative, and the Taskforce on Scaling Voluntary Carbon Markets (TSVCM), of which Xange.com is a member.
The IWA Sustainability Business Working Group created the Voluntary Ecological Markets (VEM) Taskforce to define the standards for tokenization of key elements for carbon credits, including contractual extensions, workflows, and analytics for creating a standards-based ecological market. These standards, based on the IWA’s Token Taxanomy Framework (for token standards) and InterWork Framework (for smart contract standards), will serve as foundations for the Xange.com Carbon Credit Solution on the XRP Ledger.
Xange.com chose to build on the XRP Ledger given its performance, scalability and inherently green attributes. The XRP Ledger was built with sustainability in mind and is one of the first major carbon neutral blockchains. Due to its Federated Consensus algorithm, the XRPL is significantly more energy efficient compared to proof-of-work blockchains and ensures low-cost transactions.
Key focus points of Xange.com include the role of climate change and climate security, the prevention and mitigation of illicit financial transactions and on carbon emission initiatives using blockchain technology to bring transparency to carbon accounting by avoiding double counting of emission reductions or removals.
No Offer, Solicitation, Investment Advice or Recommendations
This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by Xange.com or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.
Xange.com is not a registered broker-dealer, funding portal, underwriter, investment bank, investment adviser or investment manager, and is not providing brokerage, investment banking or underwriting services, recommendations or investment advice to any person, and does not provide any brokerage services. Xange.com takes no part in the negotiation or execution of secondary market transactions for the purchase or sale of securities and, at no time, has possession of investor funds or securities in connection with such transactions.
Xange.com Limited (Mauritius) has been the selected partner of the United Nations, as the preferred private sector counterpart to establish and sustainably run a securities exchange in the Republic of Mauritius.
Xange.com will carry the ethical banking stamp from UNODC as the custodian of the United Nations Convention against Corruption (UNCAC) and the United Nations Convention against Transnational Organized Crime (UNTOC), and thus, shall be held as an example of a financial platform that upholds the principles of the United Nations Sustainable Development goals (UN SDGs).
Xange.com is a private sector company with vast experience in digitalization, blockchain and fintech solutions. Xange.com democratizes access to private assets by providing a simple, automated, and efficient trading venue to broker-dealers, institutions, and investors. For more information on Xange.com, please visit https://www.xange.com.
About the InterWork Alliance (IWA)
The InterWork Alliance (IWA), an initiative of the Global Blockchain Business Council (GBBC), empowers organizations to adopt and use token-powered services in their day-to-day operations, across use cases and networks, bringing inclusivity to globally distributed applications.
Founded in 2020, and merged in 2021 with the GBBC, the leading global industry association for the blockchain ecosystem, IWA is a key rallying point for organizations to collaborate on market-driven interwork standards and taxonomy to transform digital interchanges of value. Our global membership includes leaders, adopters, innovators, developers, and businesses representing the best practices for every use case the token-powered ecosystem has to offer.
About the Taskforce on Scaling Voluntary Carbon Markets (TSVCM)
The Taskforce on Scaling Voluntary Carbon Markets (TSVCM) is a private sector-led initiative working to scale an effective and efficient voluntary carbon market to help meet the goals of the Paris Agreement.
The Taskforce was initiated by Mark Carney, UN Special Envoy for Climate Action and Finance; is chaired by Bill Winters, Group Chief Executive, Standard Chartered; and is sponsored by the Institute of International Finance (IIF) under the leadership of IIF President and CEO, Tim Adams. Annette Nazareth, senior counsel at Davis Polk and former Commissioner of the US Securities and Exchange Commission, serves as the Operating Lead for the Taskforce. McKinsey & Company provides knowledge and advisory support.
The TSVCM’s over 250 member institutions represent buyers and sellers of carbon credits, standard setters, the financial sector, market infrastructure providers, civil society, international organizations and academics. An advisory board of 20 environmental NGOs, investor alliances, academics and international organizations provide guidance on TSVCM recommendations.
The Taskforce’s unique value proposition has been to bring all parts of the value chain to work intensively together and to provide recommended actions for the most pressing pain-points facing voluntary carbon markets. To learn more about the TSVCM, please visit https://www.iif.com/tsvcm.
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