JPMorgan Chase is looking to tokenize carbon credits and has partnered with three carbon credit companies

Odaily Planet Daily News According to Bloomberg, JPMorgan Chase Group is developing a new service to tokenize carbon credits and has partnered with three carbon credit companies for preliminary trials. According to a statement on Wednesday, the bank's blockchain division Onyx will work with S&P Global Commodity Insights, carbon registry EcoRegistry and the International Carbon Registry to test a new application that converts carbon credits in the three institutions' regulatory registration systems into tokens. The parties will explore whether blockchain technology can be applied to the full life cycle management of carbon credits, including ownership tracking from issuance to cancellation. JPMorgan Chase said in a statement that the carbon market has "challenges such as inefficiency, lack of standardization, lack of transparency and market fragmentation," and the application of tokenization technology will bring significant benefits. The bank believes that building a unified tokenized ecosystem where "buyers and sellers can seamlessly transfer carbon credits" will help solve these problems.