“Hodl the rainforest!” Elon Musk recently challenged the world in a Tweet to do exactly that. And when the richest man in the world says something like that, people listen up. In particular, the tech world listens up, as Musk has reached iconic status among technology entrepreneurs and enthusiasts.
He said “Hodl” for a reason; it wasn’t a typo. Hodl means “hold on for dear life” and is a cryptocurrency investment slang. It means buying a cryptocurrency and holding it over time to benefit from its long-term value appreciation – instead of trading it and trying to benefit from price swings. By saying “hodl the rainforest,” Musk explicitly addresses the tech industry, or more specifically, the crypto crowd.
UPCO2 is a tradable REDD+ carbon credit token
The Universal Protocol Alliance (UPA), a coalition of leading blockchain companies including Bittrex Global, CertiK, Fifth Era, Hard Yaka, Ledger, Trovio, SFOX, and Uphold, have responded and listed the Universal Carbon (UPCO2) token. That means “hodling the rainforest” is now possible through tokenized and transparently substantiated certified voluntary carbon credits.
UPCO2 is a tradable REDD+ carbon credit token, an environmental crypto commodity that is now listed on Liechtenstein-based crypto exchange Bittrex Global. Each token represents one tonne of CO2 pollution averted by a certified REDD+ project preventing rainforest degradation. Tokens are backed by a digital certificate issued by international standards agencies such as Verry, allowing certified projects to turn their greenhouse gas (GHG) reductions into tradable carbon credits.
Matthew Le Merle, UPA Chairman, said: “UPA is proud to have made Elon’s vision a reality. Hodling the rainforests is a critical and tremendous start, as they are the lungs of the world and under siege… but with the advent of digital carbon credits, an entire world of possibilities open up, creating an efficient conduit for market forces to deliver outsize results precisely where they’re most needed.”
The token is now listed at Bittrex Global. “We are excited to be providing every Bittrex Global user with access to UPCO2,” said Tom Albright, CEO, Bittrex Global. “With this important new listing, we’re enabling institutional and retail investors to both invest in the appreciation of carbon credits and offset carbon footprints while helping to save the world’s rainforests.”
UP Alliance launched the UP Carbon Foundation
Before creating the token, UP Alliance launched the UP Carbon Foundation. Its role will be to ensure that the carbon credits underlying UPCO2 are diverse and of high quality.
Matthew Le Merle from UPA explains: “We believe Universal Carbon is the best way to achieve the mission of protecting the world’s remaining rainforests and are excited that Bittrex Global agrees. We plan to jointly submit our technological breakthrough for one of the X Prize Foundation awards that Elon Musk is sponsoring.”
So can we hodl the rainforest? Let’s see, but the UPCO2 token is a start.