Mark Cuban reports locking in $50k in tokenized carbon offsets every 10 days
Reality TV star and popular billionaire , Mark Cuban, has recently revealed that he has moved to using blockchain technology for locking up carbon offsets on the Polygon network.
In a November 13 Twitter thread, Cuban, as a billionaire blockchain enthusiast, mentioned that he has been buying $50,000 worth of carbon offsets while simultaneously placing them on-chain as Base Carbon Tonnes (BCT) in an interval of 10 days since the KlimaDAO launch happened.
BCTs are digital assets that are bridged onto the Polygon Network by Toucan Protocol, representing one tonne of carbon from the Verified Carbon Unit (VCU) registry.
KlimaDAO is a decentralized blockchain project that aims at driving appreciation of the price of BCT. It has accumulated more than 9 million BCTs, and uses Polygon because it is a Proof-of-Stake (POS) network having negligible emissions that generates a comparatively low carbon footprint.
Cuban signalled within the same Twitter thread that he would be open to coordinating with KlimaDAO for promoting carbon removal, perhaps over carbon offsets.
Cuban also said that he has been buying 50k in offsets in an interval of 10 days or so, and then “verifying them and putting them on the chain as BCT” He added that he would love “to do the same thing and probably more with removal within KLIMA.”
Cuban’s strong support for KlimaDAO is no surprise. Klima is in his portfolio of the list of investments.
It is also not the first foray into the ESG space that is based on blockchain. dClimate had announced in June that Mark Cuban reportedly had joined the network as an investor as well as a strategic advisor. dClimate is the first-ever network for decentralized climate data.
Cuban said that he is excited to be working with a team that is motivated to utilize blockchain and smart contracts for solving a “pressing, real-world problem” and that it is aimed at building a platform to help organizations around the world develop “climate resilience.”
Cuban appears to be moving towards blockchain solutions for addressing climate challenges, as two of the three environmental investments that are listed on the Mark Cuban Companies website are focused on distributed ledger technologies.
The COP26 climate conference in Scotland had also witnessed the inception of a new blockchain initiative that aims to tackle climate issues.
