La Universal Protocol Alliance (UPA) is an organization that brings together blockchain companies such as Bittrex Global, CertiK, Fifth Era, Hard Yaka, Ledger, Trovio, SFOX and Uphold. This organization announced that it will be possible to protect the rainforest through a particular technological advance: certified voluntary carbon credits, justified in the form of tokens. This was reported to Cointelegraph en Español, through a statement, in which they indicated that, from UPA, they are convinced that crypto can contribute to the care of tropical forests.
In the statement they indicated that, currently, Universal Carbon (UPCO2), the REDD + carbon credit token, becomes an environmental crypto commodity that is listed on the Bittrex Global platform. They also clarified that it is available to all its users in Latin America.
Tom Albright, CEO of Bittrex Global, commented:
“We are very excited to provide all Latin American Bittrex Global users with access to UPCO2. With this important news, we are allowing investors to invest in carbon credit appreciation and offset carbon footprints while helping save the world’s rainforests. “
Released on December 1, 2020, Each UPCO2 token represents one ton of CO2 pollution avoided by a certified REDD + project, which prevents the loss or degradation of the rainforest.
Each token is backed by a digital certificate issued by Verra and other international standards agencies. This allows certified projects to convert their greenhouse gas (GHG) reductions into tradeable carbon credits.
In the run-up to the creation of UPCO2 and BTC0 (a carbon-neutral bitcoin ERC-20), the UP Alliance consulted with world carbon experts, and eventually formed the UP Carbon Foundation.
“The role of the UP Carbon Foundation will be to ensure that the carbon credits underlying UPCO2 are diverse, of high quality and, where possible, through bulk issuance, the money paid for the credits in full can flow immediately to the expansion of the protected area ”, they highlighted in the statement.
UPA President Matthew Le Merle stated:
“We believe that Universal Carbon is the best way to achieve the goal of protecting the world’s rainforests and we are excited that Bittrex Global agrees. Our goal is to jointly present our technological advancement in one of the X Prize Foundation awards sponsored by Elon Musk. “
And then he added:
“UPA is proud to help bring Elon’s vision to life. Maintaining the rainforests is a big step, since they are the lungs of the world and are under danger … But with the advent of digital carbon credits, a whole world of possibilities opens up, creating an efficient path for forces of the market can achieve great results precisely where they are needed most. “
In the statement, they recalled a recent tweet by Elon Musk, in which he spoke of “Protecting the rainforest” (“hodl the rainforest”).
“With a crypto language, he transmitted a message that we need to protect the rainforests for ourselves and future generations,” they said in the statement.
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