Blockchain Press Releases
Supercritical raises $13m Series A led by Lightspeed Venture Partners to supercharge scaling of carbon removal in face of massive capacity shortfall
- Supercritical, today responsible for 35% of corporate carbon removal purchases and counts two of the world’s top 20 CDR buyers among its customers
- Carbon removal market today at 0.01% of capacity IPCC says will be needed by 2050; Supercritical is supporting urgent accelerated scaling of CDR technologies
- The funding, the second Supercritical raise to feature a gender-balanced cap table, will be used to fuel new chapter of growth
LONDON, June 22, 2023 /PRNewswire/ — Supercritical, the vetted carbon removal marketplace helping businesses reach net zero, today announces it has raised $13m in Series A funding, led by Lightspeed Venture Partners. The round includes funding from RTP Global, Greencode Ventures, MMC Ventures and others. Supercritical aims to accelerate the urgent scaling of carbon removal technologies by aggregating business demand and innovating with new purchase models. It will use the funding to grow its team, expand its product offering, and acquire additional customers.
Corporates want to reduce their carbon emissions, but most businesses will never be able to achieve full net zero purely through decarbonisation efforts and require carbon removal to do so. Unlike traditional emissions avoidance offsets that, until today, were the focus of sustainability programs, Supercritical’s marketplace allows corporations to purchase fully qualified carbon removal credits, as set out in the industry standard Science Based Targets initiative (SBTi), that allow them to reach net zero.
However, CDR capacity is nowhere near the level it needs to be. The Intergovernmental Panel on Climate Change (IPCC) found that to keep global average temperature rises below 1.5C, CDR at scale will be essential. Across the whole of 2022, around 600,000 tonnes of CDR were purchased – less than 0.01% of the 10 gigatonnes the IPCC says will need to be available annually by 2050.
The CDR market is rapidly evolving: at the beginning of 2020, just 237 tonnes of CDR offsets had been sold in total, while earlier this year individual companies made million tonne CDR purchases for the first time. However, growth needs to accelerate even more rapidly in the years ahead to avoid climate calamity.
Supercritical is at the vanguard of efforts to urgently scale the CDR market. It is the only marketplace focusing on high-quality, vetted, durable CDR projects. These include engineered solutions such as biochar, direct air capture (DAC) and enhanced weathering in addition to nature-based solutions such as afforestation. All CDR projects on the marketplace must pass through Supercritical’s vetting process, with only 6% making the cut.
By aggregating demand from corporate buyers, Supercritical is acting as a market maker, helping CDR projects scale. It is also spearheading innovative new purchase agreements to jump-start accelerated CDR capacity growth. In May, Supercritical brokered a long-term offtake agreement for biochar provider Carbo Culture, enabling the pre-purchase of thousands of tonnes of biochar and allowing Carbo Culture to develop C1, a new facility that converts carbon-containing biomass into biochar at a commercial scale for the first time.
For businesses, Supercritical measures, reduces and, using these CDR methods, removes carbon emissions, helping businesses to reach net zero. Supercritical is already one of the world’s largest carbon removal marketplaces, with 35% of corporate purchases taking place through the platform and two of the world’s top 20 CDR buyers buying through the platform. Supercritical works with some of the most ambitious businesses when it comes to carbon commitments, including leading business banking platform Tide, who working with Supercritical, this year became the first fintech to remove 100% of their emissions; and leading algorithmic trading firm XTX Markets who, in partnership with Supercritical, have become one of the top 10 purchasers of CDR globally. Other notable customers include Veriff, Multiverse and IMC.
Looking forward, Supercritical plans to accelerate hiring, evolve its product offering to continue supporting the CDR market’s scaling, and acquire additional customers. The round will be the second raise conducted by Supercritical with a gender-balanced cap table.
Commenting, Co-founder and CEO Michelle You, said:
“Carbon removal – in parallel with aggressive decarbonization – is required to stay below 1.5C of warming and avoid the worst effects of climate change. We’re proud to work with businesses that are taking a leading role in building sustainability programs that center around both reducing emissions and removing with durable carbon removal, the only type of offset that counts towards net zero. As the only marketplace exclusively focusing on high quality carbon removal, it’s our mission to act as a trusted partner to businesses serious about net zero.
Since our launch two years ago, we’ve been astonished by the rapid growth in demand for our portfolio of durable carbon removal offsets. With this funding, we are excited to enter a new chapter and play a meaningful role as a market maker for promising carbon removal projects, aggregating demand to support them as they scale.
We have a vanishingly tiny window to start the acceleration curve towards the 10 billion tonne annual CDR capacity required by 2050, and we are proud to play an early market leading role in helping this industry scale.”
Commenting, Paul Murphy, Partner at Lightspeed Venture Partners said:
“Supercritical is doing something unique. By focusing exclusively on carbon removal offsets, they are helping businesses invest in the places that will actually deliver climate impact while they work in parallel to decarbonise. By aggregating demand, including through innovative future-proofing models, they are providing the resources that CDR projects need to scale in time.
Net zero is simply unattainable for the vast majority of corporations without a robust, quality carbon removal platform like Supercritical. We are so pleased to be part of their journey.”
About Supercritical
Supercritical is a vetted carbon removal marketplace that helps businesses achieve net zero. Founded in London, its technology makes it easy for companies to understand their climate impact and purchase high-quality carbon removal offsets to reduce it.
Already, 35% of the world’s carbon removal customers use Supercritical to purchase carbon removal offsets. The company has two customers in the top 20 buyers of carbon removal worldwide, and recently helped Tide become the first fintech in the world to remove 100% of its emissions.
Supercritical is backed by Lightspeed Venture Partners, GreenCode Ventures, MMC Ventures. It has been previously backed by LocalGlobe and angel investors including Peter Reinhardt (Twilio Segment and Charm Industrial), Yancey Strickler (Kickstarter), Alice Bentinck (Entrepreneur First), Gustaf Alströmer (Y Combinator) and Evelyn Bourke (Bupa).
Its founders are repeat technology entrepreneurs who started the company as a way to build a better future for their children. www.gosupercritical.com
Images of the Supercritical co-founders are available to download here.
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Blockchain Press Releases
Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week
DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.
Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.
Purpose, Innovation, and Partnerships
Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.
Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.
Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:
- The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.
- On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.
- The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.
Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.
Deepening Bonds: Key Web3 Ecosystems and Communities
Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.
These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.
“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.
“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.
In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
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Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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Blockchain Press Releases
Compass Mining Scales Texas Operations with 25 MW Bitcoin Mining Facility, Plans Further Expansion
Energizes Over 50 MW in 2024 Across Six States, with 35 MW Coming Online by January 2025
WILMINGTON, Del., Dec. 20, 2024 /PRNewswire/ — Compass Mining (“Compass” or the “Company”), a leading provider of Bitcoin mining hardware, hosting, and operational solutions, proudly announces the addition of a new 25 megawatts (MW) Bitcoin mining facility in Texas to its growing network of North American operations. The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025. Compass also plans to expand the facility’s capacity to 60 MW by Q3 2025.
The new Texas facility will house a mix of relocated machines from Compass’s existing sites, as well as newly deployed units, ensuring continuity for current customers while offering new clients a seamless and turnkey Bitcoin mining experience. By January 2025, new customers purchasing machines through Compass’s platform will have the option to deploy them at the “Texas 6″ site.
“Our new Texas facility represents another milestone in our mission to make bitcoin mining more accessible for everyone,” said Paul Gosker, CEO of Compass Mining. “We bring a wealth of experience from successfully operating at multiple locations across Texas, navigating the unique grid dynamics and leveraging local resources. For this site, we will provide our support and expertise, including assisting our site partner in hiring expert technicians who meet Compass’s high standards. This ensures high uptime and reliability, delivering the quality our customers expect.”
Compass’s strategy combines vertical integration through proprietary facilities, such as the new Iowa 4 site, with partnerships at third-party facilities renowned for high uptime and reliability. This dual approach allows the company to maintain operational flexibility while delivering reliable hosting solutions. The company has energized a total of approximately 50 MW of power capacity across mining facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024, with plans to add another 35 MW by January 2025.
About Compass Mining
Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.
Media Contact
BlocksBridge Consulting
[email protected]
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