Bitgreen, which is developing the blockchain epicenter for sustainability, is gearing up to introduce the first phase of an L1 network to bolster climate action initiatives, Coin Journal learned from an exclusive press release.
Company Raised $5 Million in 4 Hours
The company’s operations come after a $5 million crowdfunding, which was accomplished in less than four hours. Bitgreen has prepared its infrastructure after a year of development for a flagship platform in the Polkadot ecosystem focused on sustainability.
In light of recent events, the UN Sustainable Development Goals are becoming increasingly challenging to achieve. $50 trillion is the funding gap for green projects over the next decade.
Need for climate action
Aware that action is needed, Bitgreen is developing a new parachain en suite of dApps to encourage a blockchain-based impact investment community. The company enables donors to fund clean infrastructure, conservation, initiatives to empower vulnerable communities, and other critical sustainability projects.
Bitgreen provides the necessary tools
Bitgreen will provide NGOs, ESG offices, community leaders and sustainability groups with the tools they need to access new communities and scale impact projects. The company’s L1 network uses 99.9 percent less energy than typical blockchain protocols and networks because it uses a Proof-of-Stake consensus model.
Set to parachain on Polkadot. to launch
Bitgreen is ready to launch its parachain on Polkadot via the $5 million raised by individual investors on Republic. It wants it to become the unique impact investing blockchain in the ecosystem.
The novelty will be accompanied by the rollout of dedicated Compliant Impact Investing and Carbon Market platforms that allow key groups and investors to build beneficial relationships with valuable organizations working on meaningful projects through conservation, climate and philanthropy initiatives.
Adam Carver, CEO at Bitgreen, commented:
People are always inundated with bad news about climate change and the direction the world is heading. Where is the good news and where are the teams using technology to address these challenges? That was a prophetic question we asked ourselves before deciding to take on the challenge ourselves. So now there is a team that is using blockchain to confront the climate crisis and raise capital for critical infrastructure. It’s inspiring and simple. When we tell people our name and what we do, they react ecstatically – they say, ‘I get it, right away.’