Fintech company Single.Earth raises US$7.9 million in seed round to connect carbon emissions and the cryptocurrency market

Encrypted currency trading incentives to accelerate carbon emission control and carbon credit trading.

The company describes its business as “Tokenize Nature”, linking carbon credits to the cryptocurrency market. The entrepreneurial logic of Single.Earth is: instead of linking carbon emission quotas to factors directly related to carbon dioxide production and absorption, such as forest area, it is better to link it to cryptocurrency to give full play to its decentralized characteristics.

Fintech company Single.Earth raises US.9 million in seed round to connect carbon emissions and the cryptocurrency market

Picture cut from the company’s official website

Single.Earth said that the funds will be used to launch its token market called “MERIT”. It is estimated that by 2030, the global carbon credit market will exceed 50 billion U.S. dollars, and the cryptocurrency market will exceed 2 trillion U.S. dollars in 2021. Therefore, the company stated that its “MERIT” tokens have an advantageous environment when they are put on the market.

Single.Earth plans to build a “digital twin” of nature to monitor real-time carbon absorption, carbon emissions, and biodiversity in all regions of the world. The company uses satellite imagery and other environmental data to establish a global carbon model, and uses this as the basis for the token market to generate profits through carbon compensation—for every 100 kilograms of carbon dioxide stored by an organization or company in forests, wetlands or other biodiversity reserves, You can “mine” a new MERIT token.

Fintech company Single.Earth raises US.9 million in seed round to connect carbon emissions and the cryptocurrency market

Picture cut from the company’s official website

MERIT tokens can be used in transactions to “buy” carbon footprints, or “reward” over-fulfilled emission reduction targets. Since cryptocurrency cannot be arbitrarily issued and the total amount is relatively stable, companies or organizations must trade with other institutions once they “run out”. The company said that companies, organizations and individuals can use tokens to exchange natural resources and receive compensation for reducing carbon emissions and maintaining biodiversity.

Due to the traceability of the blockchain and the tradability of cryptocurrency, all transaction payments are completed instantly.

Single.Earth was established in 2019 with Merit Valdsalu as CEO and Andrus Aaslaed as CTO. Valdsalu said, “Environmental protection is scalable and economically meaningful; and the key to accelerating the process of environmental protection is to carry out systemic changes.”

Sandra Malmberg, head of risk at EQT Ventures, added: “Oil resources are comparable to gold in the new era, and data are comparable to oil in the new era. Today, nature is the most precious resource. A company that owns one hectare of forests should be matched. The reward and support of the company, because it has contributed to the reduction of global carbon emissions. Single.Earth introduces new tradable liquid assets to “disrupt” the existing financial market, which is actually a reasonable and efficient way to accelerate the scale of environmental protection Way.”

China announced in 2020 that domestic carbon dioxide emissions will strive to reach a peak before 2030, and strive to achieve carbon neutrality by 2060. At present, domestic energy-saving and emission-reduction activities involving individuals are mainly concentrated in Ant Forest. At present, most applications for calculating carbon footprint are mainly used as “public welfare projects” for educating users, and no sustainable business model has been formed.

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