Singapore blockchain-based carbon credits exchange Metaverse Green Exchange (MVGX) will partner crypto data provider Chainlink to explore tokenized carbon trading.
See related article: Chainlink joins Hedera council in push to link DeFi with traditional finance
Fast facts
- The partnership will introduce cross-chain interoperability into the company’s carbon trading network, according to a press release shared with Forkast, and comes after MVGX’s collaboration with the Indonesia Stock Exchange.
- MVGX is a token exchange offering carbon credit trandes. The company’s products include a carbon credit token called the Carbon Neutrality Token (CNT), which circulates on Ethereum.
- MVGX will provide blockchain technology to Indonesian exchanges to ensure the integrity of carbon credits.
- Indonesia in October announced aggressive emissions reduction targets that were stricter than the Paris climate accord, according to a Reuters report.
- Chainlink is an oracle protocol that provides information to closed blockchain systems. In September, it announced a partnership with SWIFT, a global payment messaging platform, to provide the latter with cross-chain token transfer capabilities.
See related article: Can blockchain tech in green finance attract more investors and deter bad actors?
