JPMorgan Chase is seeking to tokenize carbon credits and has partnered with 3 carbon credit companies.

According to Bloomberg, JPMorgan Chase & Co. is developing a new service to tokenize carbon credits and has partnered with three carbon credit companies for initial 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 International Carbon Registry to test a new application that will convert carbon credits from the three institutions' regulatory registration systems into tokens. The parties will explore whether blockchain technology can be applied to the entire lifecycle management of carbon credits, including tracking ownership from issuance to cancellation. JPMorgan Chase said in a statement that the carbon market faces "challenges such as inefficiencies, lack of standardization, insufficient transparency and market fragmentation," and that the application of tokenization technology will bring significant benefits. The bank believes that building a unified tokenized ecosystem in which "buyers and sellers can seamlessly transfer carbon credits" will help address these issues. [Odaily星球日报]