UAE’s Seagrass and The Hashgraph Association Join Forces for Carbon Credit Revolution

• The Seagrass Wallet, a Web3 identity wallet, offers a decentralized digital identity and wallet linked to carbon projects.
• This collaboration between Seagrass and The Hashgraph Association promises to drive the transition to zero net emissions by bringing transparency and liquidity to the carbon market.

For the development between the crypto sector and environmental finance, Seagrass, a company focused on climate action and a subsidiary of E.ON, has announced a collaboration with The Hashgraph Association. This partnership aims to implement a Web3 identity wallet for carbon credit management, using distributed ledger technology (DLT) provided by Hedera.

🌱🌏 Breaking News: UAE’s Seagrass & The Hashgraph Association (#Hedera, #HBAR) unite to revolutionize carbon credits with a Web3 identity wallet! 🚀🔗

Explore the future of carbon finance and sustainable tech. 🌟💡 #CarbonCredits #Sustainability #Web3 #CryptoRevolution… pic.twitter.com/pG9iVxeNnF

— Collin Brown (@CollinBrownXRP) December 12, 2023

Strategic Location and Regulation in Abu Dhabi

Seagrass, based in the global financial center of Abu Dhabi (ADGM) in the United Arab Emirates, has obtained a license from the ADGM Financial Services Regulatory Authority to arrange transactions in environmental instruments. Seagrass’ choice of the United Arab Emirates is due to its strategic position as a key hub for carbon credit generation and demand.

Innovation in Digital Identity and Carbon Finance: The Seagrass Web Wallet3

The Seagrass Wallet represents a technological breakthrough in digital identity and carbon finance. This project is based on Hedera’s DLT network and offers a decentralized digital identity along with a wallet to manage digital assets related to carbon projects. The implementation of this technology aims to facilitate more efficient transactions and reduce operational costs in the carbon credit market.

Transparency and Efficiency in the Carbon Credit Market

The collaboration between Seagrass and The Hashgraph Association aims to increase transparency and efficiency in the carbon credit market. The digital wallet will allow users to access detailed information on environmental, economic and carbon credit projects, connecting the supply of certified projects with the demand from buyers seeking ambitious climate strategies.

Compatibility with Seagrass Carbon Map and Future Plans

The Seagrass Wallet is designed to integrate with Seagrass Carbon Map, an application that provides data on the impact of environment-based projects and facilitates interaction between project developers and buyers of carbon credits. Currently in the testing phase, the wallet is expected to be available to customers in 2024.

Leadership and Vision for the Future

Thomas Birr, Chief Strategy and Innovation Officer at E.ON and Managing Director of Seagrass’ shareholder company, highlighted the importance of this collaboration in the use of DLT technology for the carbon market. Kamal Youssefi, Chairman of the Board of The Hashgraph Association, emphasized the goal of developing an innovative ecosystem that contributes to a zero-carbon future.

About The Hashgraph Association and Seagrass: Advancing the Digital and Sustainable Economy

The Hashgraph Association focuses on digital training and empowerment through Hedera-based solutions, while Seagrass is dedicated to maximizing the potential of carbon markets to accelerate the transition to zero net emissions. Both entities play a crucial role in advancing a more sustainable and digital economy, marking a significant breakthrough in the integration of blockchain technology and climate action.