The world’s first blockchain-based algae biomass project, built on the energy-efficient Tezos blockchain, was announced today by leading capital markets technology firm, Globacap.
Developed and operated by Sustainable Impact Token (SIT)
, the project will support the development, construction, and operation of algae biomass farms. The initiative will use blockchain technology to bridge the gap between two of the fastest growing investor markets in the world – asset-backed finance and crypto.
The $5 billion algae biomass sector is estimated to grow at a CAGR of 6.3% during the next 5 years (Quince Market Insights
) and the success of the project will provide the basis to expand globally. SIT provides investors with tokens issued via smart contracts deployed on the proof-of-stake Tezos
blockchain, representing their preferred shares in the project. Carbon credits generated from the algae production will also be tokenized into Algaecoin, a tokenized asset representing tradable carbon credits.
“As solutions to the macro challenges of food scarcity and sustainable energy production continue to be a global priority, demand for investment vehicles that can also support these objectives are increasing. We are thrilled to see Globacap choose Tezos to power this unique blockchain based, asset-backed offering,” says Mason Edwards from Tezos Foundation.
“By bringing agri-tech solutions and carbon credit-backed assets into private markets and beyond, we can make significant, impactful steps towards sustaining our planet for future generations,” adds Milston.