Bitgreen Raises $5 Million in Crowdfunding to Combat Climate Change Using Blockchain
Bitgreen, a climate-investment blockchain platform based in the United States, has raised $5 million through the crowdfunding platform Republic in less than four hours.
The funds will assist Bitgreen in launching its sustainability-focused platform in the Polkadot ecosystem to become the first Polkadot-based impact investment hub.
Furthermore, the launch will coincide with Bitgreen's launch of dedicated Carbon Market and Compliant Impact Investing platforms. These platforms enable investors and key groups to identify projects and develop relationships of mutual benefit with worthy organisations doing meaningful work through climate, conservation, and philanthropy initiatives.
The climate catastrophe has emerged as one of the most serious and intricate geopolitical issues of the modern era. However, the expected funding need for green initiatives over the next decade is $50 trillion. As the window of opportunity closes, finding an effective strategy to mobilise the required resources becomes increasingly important.
Adam Carver, CEO at Bitgreen, said:
"Climate change is the most urgent issue of our time and dovetails extraordinarily well with blockchain, one of the most revolutionary technologies of our time. The effects of climate change will be pervasive, so we are not surprised to have garnered such early support and oversubscribed our crowdfund raise. Our goal to raise $1T for impact initiatives and climate projects resonates with people. It is a daunting and wild objective, but we are convinced the time is now to swing for the fences and be confident in the power of blockchain and web3 to coordinate resources as never before.”
Bitgreen is a blockchain designed to serve sustainability markets and drive innovation, financing, and community activation. It was founded by Adam Carver, Dennis Reichelt, and Gilad Goren.
Over the next ten years, the purpose-built blockchain hopes to foster more than $1 trillion in sustainable development to help address the funding gap for the UN Sustainable Development Goals.
Bitgreen enables backers to fund crucial sustainability projects such as conservation, clean infrastructure, and community empowerment efforts for vulnerable communities. As a result, the US firm will provide community leaders, NGOs, asset managers, ESG offices, and sustainability groups with the tools they need to scale impact programmes and reach new communities.
The platform will house several dApps, including some designed specifically by Bitgreen affiliates to assist a wide range of impact investing and philanthropic efforts.
As a result, companies, developers, and entrepreneurs are encouraged to create products on the Bitgreen platform. Furthermore, Bitgreen's layer-1 network consumes 99.9% less energy than standard blockchain networks and protocols due to its Proof-of-Stake consensus model.
Source: Tech Funding News