The Universal Protocol Alliance, a coalition of blockchain companies led by Uphold including Bittrex Global, Ledger, Certik and Infinigold, announced the Universal Carbon (UPCO2) token on Tuesday.
Under the Ethereum ERC-20 standard, the token is backed by a Voluntary Carbon Unit (VCU), a digital certificate from the international standards body Verra under which certified projects can convert their reductions in greenhouse gas emissions into tradable emission credits.
Uphold started to tokenize voluntary carbon credits, particularly REDD credits, which are high quality, easy to understand and cover about 58% of the voluntary carbon market, explained J.P. Thieriot, co-founder of UP Alliance and CEO of Uphold.
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