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
Africa Exclusive: Bybit Promotes Crypto Education with P2P Security Webinar
DUBAI, UAE, Nov. 22, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, sets out to raise awareness of P2P security and to equip users with the latest anti-fraud knowledge and tools in a new learn and earn event exclusively for users in Africa. Hosting a P2P security Webinar on Nov. 25, Bybit P2P will also be announcing a prize pool valued at 10,000 USDT for a new Africa-exclusive deposit event.
P2P Security Webinar
On Nov. 25, the live webinar on P2P security will be broadcast in the Bybit Africa Telegram group from 7 to 9PM UTC. Attendees may benefit from a comprehensive session on tips and the latest know-how on asset safety and counterparty risks. The free webinar will cover the following topics:
- Fraud detection: users will learn about signs of common scams and steps to verify payment authenticity.
- Staying safe with Bybit P2P: users get to discover Bybit’s security tools and the latest features to combat fraudulent attempts.
- Trading with confidence: users will gain practical advice and practical tips on how to trade safely.
The floor will be open for a live Q&A session after the sharing by Bybit P2P experts. Ahead of the webinar, attendees are invited to submit questions and the lucky ones will win 10 USDT if their questions are chosen by the speakers.
10,000 USDT Rewards for First-Time Deposits
From Nov. 25 to Dec. 15, 2024, new users who successfully sign up for a Bybit account and complete Identity Verification Level 1 may be eligible to share in a 10,000 USDT prize pool reserved for eligible users in Africa only. Users must sign up for the event and make a deposit via Bybit P2P to qualify and win up to 10 USDT, terms and conditions apply.
“Financial fraud is an age-old challenge and users must stay vigilant as scammers and fraudsters evolve. Bybit is constantly investing in our hardware and software to build the necessary guardrails for our platform. It does not take away the importance of user education, however, and we hope through engagements of this kind, we can help elevate the community on a path of growth,” said Joan Han, Sales and Marketing Director at Bybit.
P2P is an organic part of the crypto economy and helps to promote inclusivity in emerging economies. With Bybit P2P, users of all levels may access the user-friendly peer-to-peer trading platform to trade between themselves at an optimal, agreed-upon price. The service minimizes the need for the middleman, improving cost effectiveness while providing exchange-backed platform security.
Find out more about the event and eligibility at Bybit P2P.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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SINGAPORE, Nov. 22, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a pioneer in digital payment solutions, and Polygon Labs, a software development company building the leading network of aggregated blockchains via the AggLayer, today announced their strategic collaboration aimed at unlocking the full potential of digital finance, focusing on the expansion and adoption of WUSD, WSPN’s flagship stablecoin.
WSPN has integrated Polygon PoS into its WUSD network infrastructure earlier this year. Now, this collaboration will focus on rapidly expanding WUSD adoption. Polygon Labs’s crucial liquidity support will be instrumental in bolstering WUSD’s mass adoption across various markets.
This collaboration will unlock opportunities to explore a range of innovative use cases for stablecoins, payments, and DeFi. Key areas of focus include facilitating payments and tokenization solutions for companies operating in Hong Kong SAR and Singapore, developing on-chain green finance projects tailored for African clients, and building robust DeFi platforms that leverage the strengths of both WSPN and Polygon technologies. These initiatives are strategically designed to address diverse market needs and drive the adoption of WUSD across a variety of regions and sectors.
By combining WSPN’s expertise in stablecoin solutions with Polygon’s advanced blockchain infrastructure, this collaboration will drive significant advancements in the digital asset space, particularly in emerging markets and the rapidly evolving DeFi sector.
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN ‘s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
About Polygon Labs
Polygon Labs is a software development company building and developing a network of aggregated blockchains via the AggLayer, secured by Ethereum. As public infrastructure, the AggLayer will bring together user bases and liquidity for any connected chain, and leverage Ethereum as a settlement layer. Polygon Labs has also contributed to the core development of several widely-adopted scaling protocols and tools for launching blockchains, including Polygon PoS, Polygon zkEVM, and Polygon Miden, which is in development, as well as Polygon CDK.
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View original content:https://www.prnewswire.co.uk/news-releases/polygon-collaborates-with-wspn-to-drive-stablecoin-adoption-through-wusd-302314191.html
DUBAI, UAE, Nov. 21, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to reaffirm its commitment to providing ease of access to digital assets for eligible P2P users in Africa at zero fee. Connecting buyers and sellers at no cost, Bybit P2P continues to be the benchmark for cost-effective and convenient trading experiences.
Since its launch in Jan. 2022, Bybit P2P has consistently provided a user-friendly platform for users seeking a safer way to participate in the digital asset class. The services are offered at no costs for merchants and takers in P2P transactions:
- Merchants: Merchants may post advertisements on Bybit P2P for free.
- Takers: Users may place an order through advertisements listed on the P2P platform at no costs. The offer stands across all fiat trading pairs. Third-party fees may incur depending on the payment method chosen, as the payment providers may charge a transaction fee.
P2P Fee Structure (Africa)
|
Taker Fee (Sell Page) |
Maker Fee (Sell Page) |
|
|
Bybit |
0 % |
0 % |
|
Competitor B |
0.5% on completed orders for certain trading pairs |
0 % |
In addition, Bybit has launched an exciting P2P Coupon Giveaway Campaign from now to Jan. 15, 2025. As part of this initiative, users can earn a share of up to 20,000 USDT in rewards by completing tasks such as depositing $100 or trading $50,000 through Bybit P2P. The rewards will be in the form of Bybit P2P coupons to be redeemed in the next purchase, making the zero-fee transactions an even better deal for winners.
“Bybit’s steadfast commitment to contributing to financial inclusion comes in all forms, and keeping our P2P services free for as long as we can, and for as many users as possible, is one of the ways to support the crypto community,” said Joan Han, Sales and Marketing Director at Bybit. “When users come to our platform with the hopes of generating income on their assets, we want to play a supportive role in helping them reach their personal financial goals,” she added.
P2P on Bybit offers an intuitive and cost-effective peer-to-peer trading platform, facilitating the buying and selling of two users’ holdings at an optimal, agreed-upon price between them. With Bybit P2P, users stand to benefit from Bybit’s enterprise-level security and advanced features including comprehensive built-in KYC and KYB verification mechanisms, rigorous asset management protocols, and 24/7 customer service.
Find out more about the event and eligibility at Bybit P2P.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-waives-p2p-transaction-fees-for-users-in-africa-302313124.html
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