Carb0n.fi Co-Founder and CEO Bree Yek
Singapore-based Carb0n.fi, a blockchain solution providing carbon offset NFTs, has closed a seed financing round of US$600,000 led by cryptocurrency VC firm Owl Ventures.
The co-investors include blockchain VC firm Blockseed Ventures, Lancer Capita, Antler Singapore, a prominent Chinese family investment office in Dubai, and CryptoFOMO.
The round also included an angel consortium of 13 fintech and crypto individuals, including Byron Grigoratos.
The funds will allow Carb0n.fi to strengthen its blockchain platform and accelerate product development.
The funding round was completed in the lead-up to Carb0n.fi’s initial dex offering (IDO) on the CardStarter launchpad scheduled for January 19th, 2022.
Also Read: Bambooloo on creating everyday low carbon footprint products that save the planet
Carb0n.fi is an ASEAN-focused blockchain solution firm aiming to establish a carbon-zero world for the people, by the people. It combines investments, allows its users to reap the benefits from these investments, and at the same time contributes to environmental sustainability all at once.
Its platform allows users to put their crypto to work and be rewarded with carbon offsets and the project’s governance token $ZRO. For this, the firm leverages DeFi 2.0 to enable ownership of a new asset class in the form of carbon offset NFTs. Doing so will allow users to track and estimate their carbon footprint and offset it on time.
Users can also buy and sell carbon offsets on Carb0n.fi’s offset exchange and benefit from discounted transaction fees by holding $ZRO.
According to Carb0n.fi Co-Founder and CEO Bree Yek, the lack of transparency, double spending and high barriers to entry are some challenges faced by companies and individuals when trying to properly access carbon trading markets. In addition, there are also few existing incentivisation mechanisms in place to increase the participation levels for carbon-reducing activities. “Carb0n.fi was set up to change this. We believe that DeFi naturally incentivises good actors and is an efficient way to own new and growing asset classes, including carbon offsets.”
“Our fundraising is the first step to making carbon markets accessible for a lot more projects and contributing to the fight against the climate crisis,” she added.
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