Ripple Labs joined a group of companies to establish a blockchain-based carbon-neutral marketplace.
Ripple is a popular crypto company in the finance world because of its ability to provide payment services via the use of crypto tokens & blockchain technology. Ripple is headquartered in San Francisco but 95% of its business is active outside of the United States. At present, Ripple is in a legal hurdle because of a lawsuit which was initiated by the US SEC agency against Ripple’s native token XRP.
Recently Ripple announced that the company will provide tech support to the Web3-based carbon offset marketplace. XRP Leger will help to keep all operations of this initiative transparent.
Proud to take #climateaction alongside @Thallo_io, a Web 3 carbon offset marketplace using the #XRPLedger to increase the transparency and efficiency in voluntary carbon markets. https://t.co/fWiy84USRz
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— Ripple (@Ripple) October 3, 2022
Thallo is leading the team in this initiative to make the carbon footprint levels down via the collaborative support of other players. Thallo has a team of experts in climate, sustainability, and Web3. So with collaborative efforts, Thallo aimed to provide a high liquidity Carbon offset marketplace.
Ripple VS SEC
Despite a Lawsuit against Ripple Labs, its team is continuously moving toward new development works & social initiatives.
In December 2020, The United States Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple. Through the lawsuit, the SEC agency wants to prove that XRP is a security and should be registered with the SEC agency.
The US securities body also raised questions on the use of XRP tokens in cross-border payment services and also claimed that Ripple tried to manipulate the price of XRP tokens for personal benefits.
Recently few Ripple supporter companies submitted their statements to consider in the XRP Lawsuit in favor of Ripple Labs but the SEC agency filed a motion to block third-party engagement in this case.
Read also: Now Polygon will help next-gen ocean conservation initiative
Ripple will build a Carbon neutral market in partnership with Thallo
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