Mark Cuban Has Been Buying $50,000 Worth of Carbon Offsets Every 10 days

Jafrin  |  Nov 16, 2021

Shark Tank star Mark Cuban has been buying $50,000 worth of carbon offsets and placing them on-chain as Base Carbon Tonnes (BCT) every 10 days since the launch of KlimaDAO last weekend.

Mark Cuban is Locking $50k of Carbon Offsets on the Polygon Network

Mark Cuban has been using blockchain technology to lock up carbon offsets on the Polygon network. Sharing in a Twitter thread, the billionaire investor revealed that he has been buying ‘$50,000 in offsets every 10 days or so, verifying them and putting them on-chain as BCT’.

Just last weekend, climate-change-focused Klima decentralized autonomous organization (DAO) announced accumulating over 9 million tonnes of carbon offset, the USD value of those offsets surpassing $100 million.

By accumulating all those offsets, known as Base Carbon Tonnes (BCT), the Klima DAO treasury has locked in about 85 percent of the existing 10.7 million BCTs on-chain last week.

Each BCT represents one tonne of carbon from the Verified Carbon Unit (VCU) registry which has been bridged onto the Polygon Network by the Toucan Protocol. The DAO uses Polygon because its a Proof-of-Stake (POS) network with negligible emissions that generates a low carbon footprint.

It now appears that Cuban would be open to working with KlimaDAO to promote carbon removal perhaps over carbon offsets.

“I’ve been buying 50k in offsets every 10 days or so, verifying them and putting them on chain as BCT. I would love to do the same thing and probably more with removal within KLIMA.”

Tackling Climate Issues Using Decentralized Solutions

This is not the first time Cuban has forayed into blockchain-based ESG space. In June, dClimate, the first network for decentralized climate data, announced that Mark Cuban had joined the network as an investor and strategic advisor.

At the time, Cuban said:

“I'm excited to be working with a team that is using blockchain and smart contracts to solve a pressing, real-world problem and that is building a platform to help organizations around the world build climate resilience.”

The billionaire investor appears to be interested in tackling climate challenges using blockchain solutions. In fact, two of the three environmental investments listed on the Mark Cuban Companies website focuses on distributed ledger technologies with Klima among one of them.

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