Carbonplace is an innovative settlement platform to facilitate reliable, secure, and scalable trading of high-integrity carbon credits (link). Its being developed by eight of the world’s largest financial institutions: CIBC, Itaú, NAB, NatWest, UBS, Standard Chartered, BNP Paribas e SMBC. Its platform uses a blockchain of the sort that carbon market web3 gurus promote, but does not require participants to maintain their own private registries of carbon credits, as many do today. Carbonplace satisfies its customer’s (Visa’s) needs without forcing it to perform its own counterparty due diligence, thanks to the capabilities of the platform’s bank members. This transaction incorporates the KYC principles to solve multiple issues. The carbon registry knows its offsets; the blockchain records them; the settlement platform transacts them; the platform knows its customers. It is the sort of activity that hopefully joins the emerging world of carbon markets with the established world of bank transactions, to the mutual benefit of both. Click below to know more.
