OCBC will make MVGX’s carbon credit tokens available to its clients. The tokens can be purchased by companies to offset their carbon footprint, while the proceeds from their sale will be invested in green projects such as reforestation and renewable energy.
OCBC and MVGX also intend to explore other avenues in environmentally-conscious financing. MVGX already issues carbon credit tokens, which are generated through the firm’s distributed ledger technology. They will also use blockchain technology to keep records of purchases and investments in green projects, and are set to launch later in the year. They plan to begin later this year and will utilize blockchain technology to keep track of purchases and investments in green initiatives.
The effort is primarily aimed at high-carbon industries like energy, shipping, and steelmaking, which are struggling to reduce their environmental effect. Instead, such businesses may buy green tokens to offset their carbon footprint.
Is this OCBC's first foray into crypto?
While the bank has previously indicated interest in blockchain technology, Monday's statement is one of its first official forays into the field.
OCBC announced intentions to create its own crypto exchange last year, citing rising crypto use in Singapore. However, it has yet to provide an update on its plans. However, it has yet to provide an update on its plans. However, early this year, it was reported that the bank was recruiting for crypto and blockchain experts. In the face of increasing competition from digital lenders, the bank has also laid out a three-year plan to expand its internet footprint. Singapore has some of the friendliest cryptocurrency rules, making it a popular destination for crypto companies.
The environmental effect of cryptocurrency
The issuing of green tokens is an example of crypto's ecologically beneficial uses. The high energy cost of mining is drawing increasing criticism from politicians and investors.
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