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JPMorgan Chase seeks to tokenize carbon credits, partners with 3 carbon credit companies
Summary: According to Bloomberg, JPMorgan Chase & Co. is developing a new service to tokenize carbon credits and has partnered with three carbon credit companies for initial testing. The bank's blockchain division, Onyx, will collaborate with S&P Global Commodity Insights, EcoRegistry, and International Carbon Registry to test a new application that converts carbon credits from the ...
According to Bloomberg, JPMorgan Chase & Co. is developing a new service to tokenize carbon credits and has partnered with three carbon credit companies for initial testing. The bank's blockchain division, Onyx, will collaborate with S&P Global Commodity Insights, EcoRegistry, and International Carbon Registry to test a new application that converts carbon credits from the three regulatory registries into tokens. They will explore whether blockchain technology can be used for the full lifecycle management of carbon credits, including tracking ownership from issuance to retirement. JPMorgan Chase stated that the carbon market faces challenges such as inefficiency, lack of standardization, transparency, and fragmentation, and the application of tokenization technology will bring significant benefits. The bank believes that building a unified tokenized ecosystem where buyers and sellers can seamlessly transfer carbon credits will help address these issues.
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