Ascend Bit and Carbonmark Join Forces to Drive Climate Action for Millions in Thailand

DUBAI, Arab Emirates, December 17, 2024 (Newswire.com) - "At Ascend Bit, we are committed to bringing tens of millions of Thais onto the public blockchain through simple account abstraction, enabling access to tokenized real-world assets (RWAs) on an open blockchain. Carbon credits are among the first RWAs to truly benefit from tokenization, revolutionizing their accessibility and transparency - this is a game-changing proposition for carbon markets," said Apinand Dabpetch, Managing Director, Ascend Bit.

"Our primary approach is creating an abstracted account for each user within TrueMoney Wallet, Thailand's leading fintech application with over 20 million monthly active users, operated by Ascend Money, also part of the Ascend Group. Through our partnership with Carbonmark, users can pay in fiat (Thai Baht) via TrueMoney Wallet to select from various verified environmental projects. They can purchase tokenized carbon credits equivalent to offsetting 70 to 930 kg of CO₂ and have those credits retired on their behalf to achieve carbon neutrality for 7 to 90 days at a time. When users make an offset, TrueMoney Wallet connects to Carbonmark's API to access tokenized carbon on the Polygon blockchain for real-time on-chain carbon retirement and store the resulting transaction as an NFT certificate for each customer's address on Polygon.

This method of carbon offsetting is faster, more transparent, and significantly more cost-efficient-offering savings of 3 to 10 times per ton of CO₂ compared to other programs while maintaining the same high certification standards available to Thai consumers. By embedding cutting-edge blockchain technology into everyday financial transactions, we empower individuals to make a tangible environmental impact while enhancing their financial experience. Together, we are redefining how technology fosters a greener and more sustainable future."

"We are proud to partner with Ascend Bit to make climate action more accessible for millions of individuals in Thailand through TrueMoney Wallet," said Andrew Bonneau, Managing Director of Carbonmark. "This collaboration empowers users to offset their personal emissions by supporting impactful projects such as forestry, renewable energy, and other critical initiatives that deliver significant social and economic co-benefits. Every purchase of carbon credits directly supports nature, contributes to a healthier planet, and enables users to align their daily choices with meaningful environmental action."

This collaboration marks a major step in integrating sustainability into everyday financial activities. It provides users with flexible options for achieving carbon neutrality - whether for 7, 30, or 90 days - through access to blockchain-verified carbon credits. By supporting environmental projects certified by globally recognized standards, users can confidently contribute to tangible climate solutions.

Through this innovative partnership, Ascend Bit and Carbonmark are enabling individuals to make a positive environmental impact and demonstrating how technology can be a powerful tool in addressing the global climate crisis.

Source: Carbonmark