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30 Mar 2024 02:26:46

Tokenising retired carbon credits: progress halted

Posted: 27 May 2022

Last year, the startup Toucan launched with a bold vision: it was going to use the blockchain to upend the entire carbon credits system.Toucan’s aim was to create infrastructure to facilitate the buying of carbon credits, which would be retired and then placed on-chain in the form of a new token. From there, the tokens would be stored publicly and safely, and could then be bought and traded like any other crypto asset.

On May 25, Verra announced it would ban the conversion of retired Verra credits into crypto tokens, which is Toucan’s central mechanism. After just seven months, the first phase of the crypto’s supposed carbon-credit revolution is over.

Read more on Time.