KlimaDAO Japan and Progmat Forge Partnership to Launch Carbon Credit Marketplace

KlimaDAO Japan has partnered with Progmat to establish a new marketplace, KlimaDAO Japan Market, aimed at trading carbon credits. This initiative aligns with KlimaDAO's mission to combat climate change. The platform intends to initially focus on trading J-Credits carbon credits, with potential expansion to a global scale through Carbonmark, where KlimaDAO is already active. Progmat, supported by a consortium of banks led by Japan's largest bank, Mitsubishi UFJ Financial Group (MUFG), will facilitate trades using yen-pegged JPYC coin, with Optage providing the necessary infrastructure. The project is currently in its second phase, with plans to register JPYC as an electronic payment method and finalise coin trustee arrangements with Mitsubishi UFJ, aiming to commence services by year-end. Additionally, Phase 3 will involve launching overseas trading and supporting financial institutions and companies in developing their own carbon credit marketplaces. This collaboration follows Binance and MUFG's September announcement of a study to utilise Progmat for issuing yen-pegged stablecoins, leveraging regulatory changes in Japan from June. KlimaDAO, backed by billionaire Mark Cuban, operates on the Polygon network, which committed to carbon neutrality in 2022.