Climatetrade announces a partnership with Algorand and Investment from Borderless Capital
VALENCIA, Spain, Dec. 2, 2020 Climatetrade, a blockchain-marketplace for CO2 carbon offsetting, announced today it will leverage the Algorand, a scalable, secure and decentralized digital blockchain technology network. to bring its technology to the next level. In addition, Borderless Capital has participated in the € 1 Million seed round of Climatetrade to support the company's strategic plan and expansion goals.
Climatetrade is leading the market in terms of bringing transparency and traceability into carbon markets with blockchain solutions, offering its services to large corporations such as Iberia, Melià Hotels, Cabify, Telefónica, and many others. Climatetrade gives its users access to a marketplace where they can directly offset their carbon footprint by selecting the most suitable carbon credits, along with the records of all their transactions in a private dashboard.
Climatetrade and its customers will be using Algorand as its primary infrastructure layer and leveraging its capabilities for carbon offsetting. The key benefits to using a public blockchain network to transact and create an open marketplace for carbon credit trading are greater efficiency, transparency and inclusivity.
"Climatetrade's selection of Algorand to power a global marketplace for carbon offsetting is a major shift in how organizations can achieve carbon neutrality," said W. Sean Ford, COO of Algorand. "By making carbon offsetting more easily accessible and efficient, Climatetrade is poised to make a far reaching environmental impact through its vast network -- all with blockchain."
"After analysing several technology providers and rigorous due diligence, we chose Algorand as the blockchain infrastructure to power our platform. We have no doubt, Algorand is the perfect solution due to its flexible architecture, low transaction fees and scalability of transactional performance. In addition, they are the only pure proof-of stake (PPoS) network and we have an aligned business vision," said Francisco Benedito, CEO of Climatetrade."
Borderless Capital invests in category-leading businesses creating economic value in the borderless economy. This investment will enable Climatetrade to open markets in the United States. The next stop on Francisco's itinerary will be Silicon Valley, where Climatetrade is planning to open its first office to start commercializing its innovative solutions to those American companies that wish to reaffirm their commitment to sustainability by offsetting their CO2 emissions.
"Borderless is the right partner for us as they have the experience with businesses that integrate blockchain at their core. We are sure that will help ClimateTrade to expand faster and complement our strategy perfectly," said Francisco Benedito.
"We are excited and proud to join ClimateTrade. The use of Algorand technology and blockchain for making the planet a better place is at core of our investment philosophy and mindset," said David Garcia, CEO and Managing Partner of Borderless Capital.
This alliance will enable Climatetrade to position itself as the reference for the climate markets worldwide and to progressively create an exponential organization able to make a real impact in the world.
About Climatetrade
Climatetrade is a Spanish company whose main objective is to help companies achieve their sustainability goals by offsetting CO2 emissions and financing climate change projects.
Pioneering the development of its Blockchain marketplace, Climatetrade has recently launched an API that allows the acquisition of carbon neutral products and services from customers of the different companies integrating this solution.
About Algorand Inc.
Algorand Inc. built the world's first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. The Algorand protocol is the brainchild of Turing Award-winning cryptographer Silvio Micali. Algorand Inc., a technology company dedicated to removing friction from financial exchange, is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain, and providing responsible privacy models.
About Borderless Capital
Borderless Capital is a modern financial institution investing capital and building financial products that accelerate access, bootstrap adoption, and create value globally through the Algorand borderless economy.
Media contact: [email protected]
SOURCE Algorand
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