NEW YORK–(BUSINESS WIRE)–Aug. June 2022–

Climate technology company Flowcarbon, whose mission is to directly advance financing for projects that reduce or remove carbon from the atmosphere by building an on-chain carbon market infrastructure, today announced its partnership with lending protocol Moola Market. The partnership allows holders to use Flowcarbon’s carbon credit backed token to access earnings and credits until the holder withdraws the associated carbon credit, a benefit not otherwise possible in the voluntary carbon market as it exists today is.

“Our partnership with Moola Market represents the maturing of carbon markets by enabling a new set of permissionless financial tools such as lending, borrowing and underwriting against the value of carbon credits,” said Phil Fogel, Chief Blockchain Officer at Flowcarbon. “Giving project developers and others in the carbon markets access to financial products such as secured loans will attract more funding to carbon projects and help expand the voluntary carbon market.”

Flowcarbon has worked with partners from across the blockchain ecosystem to build the value stack for the on-chain carbon market. One of the biggest challenges in scaling carbon projects that provide the credits needed for carbon reduction has been accessing capital.

Moola Market functionality is expected to be integrated in time for the public launch of GNT, Flowcarbon’s first carbon-backed token. Token holders on the Celo blockchain can deposit their GNT to earn compound interest at a floating rate, paid in the form of additional GNT. Depositors can also borrow assets against the value of their GNT in cUSD, cEUR or cREAL. Moola Market’s credit delegation feature also allows GNT depositors to take credit to other Celo addresses that do not need to post additional collateral in order to receive credit

“By bringing carbon credits onto the blockchain and helping build the infrastructure, Flowcarbon is helping to make the carbon offset market more transparent and accessible. We are very excited to work with them to make this asset class an integral part of DeFi tools and in doing so, enable our users to be among the first to engage in borrowing and lending from assets backed by nature participate in the chain,” said Patrick Baron, principal associate at Moola.

The financial tools provided through the partnership with Moola Market are just one of the ways pricing and transparency are being introduced to the carbon market. Other applications already built with Moola Market will also be compatible with GNT, including the privacy protocol Poof.Cash, a gamified approach to home savings, Good Ghosting, the portfolio tracking tool CeloTracker and the tax accounting software Celo.Tax.

About Flowcarbon

Flowcarbon is a pioneering climate technology company bringing carbon credits to the blockchain. Its mission is to make carbon markets accessible and transparent so that the efficient and timely flow of capital can be invested directly in projects to combat climate change. Flowcarbon is committed to making a real impact on people, biodiversity and the planet.

About the Moola Market

Moola Market is a no-custodial liquidity protocol that democratizes access to yield and credit. Depositors receive compound interest paid by borrowers who take out overcollateralised loans, delegated loans or flash loans.

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CONTACT: Nicole Shore

Head of Communications

Flowcarbon

[email protected]

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE

SOURCE: Flowcarbon

Copyright Business Wire 2022.

PUBLICATION: 06/09/2022 10:24 / DISC: 06/09/2022 10:24

http://www.businesswire.com/news/home/20220609005673/en

Copyright Business Wire 2022.