Zerocap enables trade of tokenised carbon credits with A$DC
Zerocap has combined with ANZ Bank and carbon credits firm BetaCarbon to successfully trade on its platform tokenised Australian carbon credits (BCAU) using the A$DC stablecoin.
The innovative transaction, undertaken for Zerocap client Victor Smorgon Group, is a ground breaker in promoting frictionless and secure digital transacting for carbon abatement instruments and climate control assets.
Zerocap CEO Ryan McCall said, “Zerocap’s mission is to bridge the worlds of traditional markets and digital assets. We’re thrilled to continue our role at the forefront in taking digital assets mainstream with this transaction.
“With Zerocap providing custody and creating a market for carbon credits with A$DC, we’re proving how efficient a digital asset ecosystem can be for trading and settlement of an asset that most people don’t even associate with crypto, at least not yet.
“Zerocap’s thesis is we’ll see the ‘tokenisation of everything,’ from carbon credits to bonds, equities, property and more. This transaction is a huge milestone in realising that vision.
“Tokened assets combined with blockchain technologies allow frictionless transacting and just as importantly, irrefutable settlement and secure custody. This trading platform can play an important role in the necessary development of deep markets for carbon abatement instruments.
Zerocap sourced the BCAU from BetaCarbon, which tokenises Australian Carbon Credit Units (ACCUs) into digital tokens, with each representing 1kg of carbon captured. The transaction provided A$DC/BCAU liquidity, while offering both Victor Smorgon Group and Zerocap redemption rights for A$DC.
The latest A$DC based transaction comes after the successful execution in March by ANZ and Zerocap of the first Australian-bank issued Australian-dollar stablecoin payment through a public permissionless blockchain transaction.
“We are delighted to work with ANZ, Victor Smorgon Group and BetaCarbon to bring our knowledge of crypto assets, coins, and the market to this initiative,” Ryan McCall said.