Carbonable Completes $1.2 Million Seed Round Financing on Ethereum Layer2 with StarkNet

It is reported that Carbonable, a carbon credit tracking agreement launched on the Ethereum Layer2 extension system StarkNet, completed a seed round financing of $1.2 million, with Ethereal Ventures and La Post Ventures leading the investment and Starkware participating.

Carbon credit tracking agreement based on StarkNet Carbonable completed $1.2 million seed round financing

Carbonable, a blockchain-based platform for carbon credit tracking and emissions reduction, has announced it completed a seed round financing of $1.2 million. The fundraising was led by Ethereal Ventures and La Poste Ventures, with participation from Starkware.

What is Carbonable?

At its core, Carbonable is a blockchain platform that leverages the power of smart contracts to track carbon credits and enable more transparent and secure carbon offsetting. The platform streamlines the carbon credit process, making it easier for companies and individuals to buy, sell, and transfer carbon credits, thereby facilitating global emissions reduction.
Carbonable’s smart contracts ensure every transaction on the platform is secure and immutable, enabling participants to verify the authenticity of carbon credits through a decentralized and transparent system. The platform is built on Ethereum L2 extension system StarkNet, which offers improved scalability and lower transaction fees.

What is the Importance of Carbon Credits?

Carbon credits are tradable permits that can be bought and sold on carbon markets. They represent a tonne of carbon dioxide (CO2) gas or equivalent that has been prevented from entering the atmosphere. Trading carbon credits is one of the key ways in which greenhouse gas (GHG) emissions can be reduced, both as part of international agreements and by businesses, cities, and individuals. Carbon credits help to compensate for GHG emissions that are difficult or impossible to eliminate completely, enabling stakeholders to stay within their emissions limits.
Carbon credits can be earned in a number of ways, including from renewable energy production, energy efficiency projects, and reforestation. The process of tracking, verifying, and generating carbon credits requires a complex system of monitoring, reporting, and verification. Carbonable simplifies this process by providing a secure and transparent platform for tracking, transferring, and verifying carbon credits, thereby facilitating global emissions reduction.

What is the Significance of Carbonable Completing a Seed Round Financing?

Carbonable’s completion of seed funding is an important milestone for the platform and for the carbon credit industry as a whole. The funds raised will be used to support the further development and expansion of Carbonable’s platform, allowing the company to scale its technology and grow its user base.
While the exact details of how the funds will be used have not been announced, it is likely that Carbonable will focus on improving its technology and expanding its outreach efforts to attract more users to its platform. The successful fundraising also indicates that there is growing investor interest in the carbon credit industry, as more stakeholders recognize the critical importance of reducing global emissions and the role that blockchain technology can play in facilitating this transition.

Final Thoughts

Carbonable’s seed round financing is a clear indication that the carbon offsetting industry is set to grow rapidly in the coming years. The platform’s unique features and use of blockchain technology make it poised to help drive this growth, by providing a more efficient, accessible, and secure platform for companies and individuals to track, trade, and verify carbon credits.
As we look towards a more sustainable future, the role of carbon credits and blockchain technology will only become more important. With Carbonable at the forefront of this industry, we can expect to see innovative solutions that benefit the environment and the global community.

FAQs

Q. What is a carbon credit?
A. A carbon credit represents a certain amount of GHG emissions that have been prevented or reduced, and it can be bought and sold on carbon markets.
Q. What is blockchain technology?
A. Blockchain technology is a decentralized and secure network that allows for the creation and transfer of digital assets in a transparent way.
Q. What is the significance of Carbonable’s funding round?
A. The completion of Carbonable’s seed round financing indicates growing investor interest in the carbon credit industry and demonstrates the potential of blockchain technology to revolutionize the industry.