- Climate change is one of humankind’s most pressing challenges
- Universal Carbon [UPCO2] is the world’s first retail-accessible carbon credit token
- SFOX and UPA are working to make UPCO2 globally accessible
SAN FRANCISCO — January 6th, 2021 Today SFOX, the leading independent crypto prime broker and one of the world’s top 50 Blockchain companies according to CB Insights, and Universal Protocol Alliance (UPA), a coalition of leading blockchain companies announce a collaboration to work together to combat global climate change: beginning by taking steps to make Universal Carbon (UPCO2) globally accessible to any digital wallet or exchange that wants to offer its clients the opportunity to buy the world’s first retail-accessible carbon credit token.
“We know that the vast majority of crypto enthusiasts, digital natives and future leaning people are concerned about climate change but up to now it has been hard to make a personal difference,” said Akbar Thobhani, CEO of SFOX. “At SFOX we want to help solve this problem and this is a step in that direction.”
In 2020 UPA launched Universal Carbon (UPCO2), the world’s first tradable REDD+ carbon credit token. Each UPCO2 Token represents one tonne of CO2 pollution averted by a certified REDD+ project preventing rainforest loss or degradation. Every Token is backed by a Verified Carbon Unit [VCU], a digital certificate issued by Verra and other international standards agencies, which allows certified projects to turn their greenhouse gas (GHG) reductions into tradable carbon credits.
With demand for carbon credits outstripping supply by a factor of 4 to 1 in 2020, according to the World Bank, the UPCO2 Token is set to democratize an important new asset class, which could lead to the establishment of a global clearing price for carbon (as today exists for such commodities as oil and gold) and more resources going directly into environmental projects.
“From the world’s leading governments and international organizations, to financial institutions and large corporations, there is an understanding that we must make effective markets for carbon credits,” said Matthew Le Merle, Chairman of UPA and Vice Chairman of SFOX. “However, for most of the world’s 8 billion people, there is no easy and efficient way for them to demonstrate their own personal commitment to make their carbon footprints neutral. This is what we are partnering to solve now.”
As with all UPA stablecoin and crypto-commodity tokens (Bitcoin Zero, Universal Gold, UPUSD, UPBTC, UPEUR), Universal Carbon is available to any digital wallet, digital exchange or indeed any entity that would like to make these powerful digital solutions available to its customers. List any Universal Protocol token on your digital wallet or exchange by clicking here: firstname.lastname@example.org
About Universal Carbon
UPCO2 Tokens are tokenized voluntary carbon credits built on the Ethereum blockchain. Each UPCO2 Token represents one-year-tonne of CO2 emissions averted, substantiated by Verified Carbon Units in the registries of Verra and other leading standards agencies, with real-time transparency ensured by ‘wrapper’ ERC-20 tokens built by the Universal Protocol Alliance.
Founded in 2014, SFOX, San Francisco Open Exchange, is the first and leading U.S. cryptocurrency prime broker that provides reliable and secure global trading and custody solutions to traders, investors and institutions such as exchanges, money managers, funds, banks and payment companies. The platform offers a simple, reliable, and secure way to access global crypto currency markets within milliseconds, global market data and analysis, and blockchain infrastructure and to generate better returns with its best price execution and smart order routing when trading top tier digital tokens such as Bitcoin, Ethereum. SFOX has become a trusted partner for over 200,000 traders, funds and businesses. Learn more at www.sfox.com
About Universal Protocol Alliance
Universal Protocol Alliance’s vision is that every asset class will be digitized and tokenized. We are an alliance of like-minded cryptocurrency companies and blockchain pioneers including Bittrex Global, CertiK, Fifth Era, Hard Yaka, Infinigold, Ledger, and Uphold. We know how to tokenize and transparently substantiate any asset. Our mission is to build out the world’s leading tokenization platform, ushering in a new era in finance. Learn more at www.universalprotocol.io.