Chainlink is joining forces with a carbon credits exchange Metaverse Green Exchange (MVGX) to enable new integrations including tokenized carbon trading. The companies will work on integrating cross-chain interoperability in MVGX’s carbon trading network, according to the press release.
MVGX and Chainlink Partner Up to Explore Crypto Carbon Trading
Oracle protocol Chainlink and digital green exchange Metaverse Green Exchange (MVGX) have entered into a partnership to promote and add interoperability to MVGX’s carbon trading network. The move comes amid increasing demand for better transparency and data-directed measurement standards in the carbon reporting sector.
“The collaboration will open the door for potential integrations, with support from Chainlink in the form of Cross-Chain Interoperability Protocol (CCIP), Proof of Reserve (PoR), and dynamic NFTs, to help MVGX securely and transparently develop into a next-level Web3 sustainability platform, and to connect the Web3 sustainability community with real-world carbon systems in a compliant manner.”
Based in Singapore, MVGX is a token exchange providing carbon credit trading services. The company, regulated by the Monetary Authority of Singapore (MAS), issues a proprietary digital carbon credit Ethereum-powered Carbon Neutrality Token (CNT), which enables reliable verification and tracking of carbon credits for cross-border trading.
“Governments and businesses across the globe recognize the devastating impact of climate change, but existing solutions lack the much-needed transparency to ensure stakeholders that their climate initiatives are having the intended impact on the ground.”
– Dr. Bo Bai, Executive Chairman, and Co-Founder at MVGX
Indonesian Stock Exchange to Add Carbon Trading Capabilities Amid Strict Emission Cut Targets
MVGX’s alliance with Chainlink comes after the exchange’s collaboration with Indonesia Stock Exchange, which announced earlier this week it would work together with MVGX to explore carbon trading capabilities. Last month, the Indonesian government unveiled major carbon emission targets.
Additionally, the Southeast Asian country also plans to launch a state-backed crypto exchange by the end of 2022. The exchange, which was initially supposed to launch in 2021, aims to protect Indonesian crypto traders from scams and frauds.
Indonesia tightened regulations for crypto bourses earlier this year in an effort to give local users more control. Among other rules, Indonesia now demands that at least two-thirds of crypto exchange executives must be Indonesian residents.
Despite tighter revisions, crypto trading activity remained somewhat strong in Indonesia in 2022 in the face of the broader market downturn. Digital assets transactions in the country hit $14 billion in the first half of 2022, while the number of crypto traders reached 15.1 million.
This article originally appeared on The Tokenist
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