JPMorgan Seeks to Tokenize Carbon Credits

According to a report by Jinse Finance, JPMorgan Chase is developing a new service to tokenize carbon credits and has already partnered with three carbon credit companies for initial trials. According to a statement released on Wednesday, the bank’s blockchain division, Onyx, will collaborate with S&P Global Commodity Insights, carbon registry EcoRegistry, and the International Carbon Registry to test a new application that converts carbon credits from the registries of these three organizations into tokens. The parties will explore whether blockchain technology can be applied to the full lifecycle management of carbon credits, including tracking ownership from issuance to retirement.