DeepMarkit, focusing on minting credits into non-fungible tokens (NFTs) to democratize access to the voluntary carbon offset market, has signed a letter of intent (LOI) with Bloom X Alliance to form a referral arrangement.
Under the Arrangement, Bloom X will introduce and onboard carbon credit projects onto the blockchain through MintCarbon.io, DeepMarkit’s minting platform.
BloomX is a blockchain-based products and services company seeking to reduce cost, improve efficiency of international asset transfers, and invest in blockchain products/services.
It has an extensive network in the cryptocurrency community as its CEO is a member of the Crypto Valley Association, an independent, government-supported and world leading blockchain organization based in Switzerland,
By signing the LOI, DeepMarkit can expect to see more transaction volume due to users referred by BloomX that mint credits into NFTs. The company will also benefit from exposure to new carbon credit projects and more validation in the ASEAN carbon offset community through BloomX.
Under the LOI terms, BloomX will receive a fee for referring carbon projects to DeepMarkit. Also, both firms will perform due diligence and negotiate the terms of a definitive agreement to govern their Arrangement.
The Arrangement will be subject to applicable regulations, securities, corporate and tax laws, and any transaction may also be subject to TSX Venture Exchange approval.
The Arrangement will go along with Japan’s plan to have its first market for trading carbon emissions in the country through the partnership between the Japanese Ministry of Economy, Trade and Industry and the Japan Exchange Group.
Both initiatives will help improve transparency in prices, encourage more companies to participate in the carbon market, and boost decarbonisation in the country.
Read the full News Release HERE