Singapore’s OCBC Bank Collaborates with Crypto Exchange to Issue Green Digital Coins

Singapore’s OCBC Bank Collaborates with Crypto Exchange to Issue Green Digital Coins

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Answer Singapore’s OCBC Bank Collaborates with Crypto Exchange to Issue Green Digital Coins

OCBC, one of Singapore’s largest commercial banks, said Monday that it has partnered with local cryptocurrency exchange MVGX to issue cryptocurrencies linked to investments in green technology.

in the frame PartnershipThe two will issue carbon credit tokens that can be purchased by companies to offset their carbon footprint.

The proceeds from the sale of these cryptocurrencies will be invested in green projects such as reforestation and renewable energy.

The digital tokens will be generated through a blockchain operated by MGVX.

They will also use blockchain technology to keep records of purchases and investment in green projects, due to be launched later in the year.

Read:Two brothers arrested in Israel for hacking Bitfinex in 2016

The project mainly targets high-carbon industries such as energy, shipping and steelmaking, which are having difficulty reducing their environmental impact.

Alternatively, these companies can buy green tokens to offset their emissions.

The first official project of OCBC Bank in the field of crypto:

While the bank has expressed interest in using blockchain technology, Monday’s announcement marks one of its first official projects in this space.

Last year, OCBC outlined plans to open a private crypto platform, amid rising crypto adoption in Singapore.

But so far, no updates have been released.

But reports earlier this year indicated that the bank was looking to hire crypto and blockchain specialists.

The bank has also put in place a three-year plan to increase its digital presence, amid increasing competition from digital lenders.

Singapore is one of the countries with the most crypto-friendly laws, which makes it a highly desirable destination for crypto companies.

Environmental Impact on Cryptocurrencies:

Issuing green digital tokens is an example of practical applications for conservation, as the space sees increasing criticism from lawmakers and investors about the high energy cost of mining.

Read:Bitcoin balance on cryptocurrency exchanges drops sharply

Later in the day, the New York State Assembly will vote on a proposal to ban cryptocurrency mining.

The European Union had attempted a similar ban earlier this year, although it was voted against by a narrow margin.

But pro-crypto voices argue that the space is largely geared towards renewable energy, while the Proof of Stake blockchain consumes very little energy but sacrifices some security and decentralization.

Read also:

New York is moving to ban cryptocurrency mining, and Parliament will take its decision today

After El Salvador…Central African Republic Prepares to Accept Bitcoin as Legal Currency

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