OCBC Bank to set up carbon credit trading using NFTs with MVGX

OCBC Bank to set up carbon credit trading using NFTs with MVGX

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Singapore’s OCBC Bank has partnered with MetaVerse Green Exchange (MVGX) to develop tokenized carbon credits which will help large corporations offset their carbon emissions, according to a statement.

See related article: Crypto exchange Gemini buys carbon offsets, pledges carbon-neutrality

Fast facts

  • The tokenized carbon credits, due to launch later this year, will use a non-fungible token (NFT) distributed ledger technology supported by MVGX to provide a “verifiable, immutable and constantly updated record of the carbon performance of the climate-action projects that they have invested in through these digital carbon credits,” the statement said.
  • OCBC’s partnership with MVGX, an exchange licensed and regulated by the Monetary Authority of Singapore, signifies its entry into the digital assets space after the bank said that it was studying whether to set up its own crypto exchange last year. 
  • Carbon neutrality tokens (CNTs), which use MVGX’s proprietary Non-Fungible Digital Twin (NFDT) distributed ledger technology, are tied to sustainable projects across the globe that help generate carbon credits, such as reforestation and renewable energy undertakings. 
  • “With the recently released report by the United Nations’ Intergovernmental Panel on Climate Change (IPCC), there will be increased urgency in corporates’ transition to a low carbon future by cutting down greenhouse gas emissions,” said Elaine Lam, head, Global Corporate Banking, OCBC Bank.

See related article: China’s Greenland plans cross-border carbon credit trading with Singapore exchange

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