Two months ago Bitgreen, the first blockchain epicenter for sustainability on Polkadot, won the 29th parachain auction for nearly $400K. Now Bitgreen activates its parachain for impact investing: the platform will be available to onboard new green projects developed by social enterprises, NGOs and vulnerable communities looking to raise funds.
Commenting on the development, Adam Carver, President of Bitgreen Switzerland, said: “Activating a platform is a challenge that not every project is able to tackle, and we’re proud to have prepared for this moment for the last year and welcome user accounts that will gravitate to Bitgreen in 2023.”
Leading governments are lagging in obtaining the necessary funding despite the growing urgency to solve the climate crisis. The most disadvantaged communities affected by climate disasters are directly impacted by this financial action gap. For instance, vital efforts like climate adaption infrastructure only receive 10% of the estimated $340 billion in support they would need by 2030 due to financing pipeline obstructions. Projects of all sizes engaged in crucial work for human rights and climate change must now look for alternative funding sources.
Bitgreen fills this funding gap with a cutting-edge infrastructure allowing local sustainability and impact projects to find a worldwide investor community. Bitgreen enables projects to sustainably raise funds for vital efforts battling climate change and humanitarian crises by launching its chain on Polkadot. Additionally, Bitgreen’s proof-of-work network consumes 99.9% less energy than other leading blockchains.
Bitgreen has planned to foster over $1 trillion in sustainable development over 10 years to help close the funding gap for the UN Sustainable Development Goals. It recently raised a $5 million investment through crowdfunding platform Republic to launch its investing platform.
One of the major climate organizations Global Energy Alliance, backed by Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund, has already joined Bitgreen to raise $110M on Betmai Hydroelectric Facility, with Bitgreen aiming to raise $10M in debt financing through its blockchain.
Holders of Bitgreen tokens are also now able to stake their assets and take part in initiatives and dApps that have been launched natively on the network thanks to the chain activation.
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