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One of the largest ride sharing companies in the world, Cabify, is moving to offset its carbon emissions with the help of blockchain technology.
Announced last week, the Latin American ride-sharing business leveraged Valencia, Spain-based fintech blockchain company ClimateTrade to digitize and track its carbon emissions.
ClimateTrade chief marketing officer Ana Karen told CoinDesk via email that Cabify selected her company’s platform as a way to offset the ride-sharing giant’s carbon footprint. The system works by monitoring user runs and offsetting the carbon dioxide generated by distributing credits on the ClimateTrade blockchain market.
The market acts as an intermediary between those looking to offset emissions and those looking to invest in sustainability, according to the ClimateTrade website.
Users can directly offset their carbon footprint by selecting the most suitable credits from the projects offered and obtaining the records of all their transactions in a private account.
“This alliance will provide transparent accreditation of the company’s carbon neutrality,” said Francisco Benedito, CEO of ClimateTrade, in a press release.
Cabify is popular throughout Latin America and Spain, where it is based, and currently operates in 40 cities in nine countries, according to the company’s website.
In related news, Climatetrade taps into Algorand’s blockchain technology, according to a press release Wednesday.
“Climatetrade and its customers will use Algorand as their primary infrastructure layer and leverage its carbon offsetting capabilities,” according to the announcement.
Additionally, Borderless Capital has joined a € 1 million seed round for Climatetrade, for the same release.
