Ripple Labs Inc., the firm whose payment network is powered by the self-described carbon-neutral cryptocurrency token XRP, has partnered with Web3 climate startup Thallo and various other companies to build a carbon credit market on the blockchain.

See related article: SEC opposes motions from two firms seeking to back Ripple in XRP lawsuit

Fast facts

• “Proud to take climate action alongside Thallo, a Web3 carbon offset marketplace using the XRP Ledger to increase the transparency and efficiency in voluntary carbon markets,” Ripple stated in a Tuesday tweet on its official handle.

• Thallo’s team consists of experts in climate, sustainability and Web3, and aims to connect users to high-quality carbon credits on the blockchain, according to a Thallo press release on the partnership.

• “As the demand for carbon credits intensifies, blockchain and crypto technology are uniquely positioned to help support market growth by solving persistent challenges around transparency, traceability and verification,” said Ripple’s senior vice president of social impact and sustainability, Ken Weber, in the statement.

• On Wednesday, Ripple Labs announced it was named in CB Insights 2022 Fintech250, a list of the market intelligence platform’s 250 most promising private fintech companies worldwide.

• Following news of Ripple Lab’s new partnership, inclusion on CB Insights’ fintech list and positive sentiment about the pending outcome of the company’s litigation against the SEC, the XRP token is up over 12% over the past seven days, according to data from CoinMarketCap.

See related article: Markets: Bitcoin price holds above US$19,000; Ether rises, XRP biggest gainer