DeepMarkit Corp., (“DeepMarkit” or the “Company”) (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (“NFTs“), is pleased to announce that it has signed a non-binding Letter of Intent (“LOI“) with Climate Carbon – a private carbon credit broker-dealer start-up from Vancouver– pursuant to which the entities have agreed to collaborate in order to scale the growth of voluntary carbon credits minted on the MintCarbon.io platform.
Climate Carbon and DeepMarkit will work to enter into an arrangement pursuant to which Climate Carbon will refer carbon projects to mint NFTs (ERC-1155) and/or other carbon credit tokens (ERC-20) on the MintCarbon.io platform. Through the creation of NFTs and tokens, Climate Carbon will have ownership of the NFTs and tokens. All carbon projects introduced by Climate Carbon to the Company shall be subject to acceptance by the Company.
DeepMarkit and Climate Carbon will proceed toward the preparation and execution of a definitive agreement in the near future with a two-year term based on the key terms contained herein. The Company and Climate Carbon will work together to achieve a second stage proofing of the MintCarbon.io platform as well as an NFT market exploration and validation program. A total of 850 active carbon offset credits from six Verra-certified projects have been transferred by Climate Carbon to DeepMarkit’s custodial account and will be minted into NFTs. The projects include:
- Soubre Hydropower Project;
- Sena Hydroelectric Power Plant;
- ONIL Stoves Guatemala Uspantan;
- Forest Management to Reduce Deforestation and Degradation in Shipibo Conibo and Cacataibo Indigenous communities of Ucayali region;
- Grid connected bundled wind power project in Gujarat managed by Enercon (India) Limited; and
- REDD+ Project for Caribbean Guatemala: The Conservation Coast.
Founded by Danny Takhar, Climate Carbon’s mission is to address the twin challenges of climate change and environmental degradation by implementing effective and efficient solutions and its vision statement is “Do good, feel good!”. It is committed to combating climate change and enhancing people’s lives by striving to make the world a climate-neutral place, meaning each and every person takes responsibility for their own carbon footprint. In an attempt to do so, Climate Carbon finances, implements and administers carbon reduction and offsetting projects all around the world to help individuals and organizations take responsibility for their carbon impact. More information about Climate Carbon can be found on its website via the following URL: https://climatecarbon.com/.
“Climate Carbon recognizes the need to expand access to carbon credits if the world wants to hit net zero. Bringing credits to the blockchain makes sense as a step in the right direction for diversifying carbon markets,” said Danny Takhar, Founder and Director of Operations of Climate Carbon.
“DeepMarkit’s platform, MintCarbon.io, is designed to ensure tokenization is based on active carbon credit NFTs. So far, our testing has shown that the MintCarbon.io platform is robust and scalable. However, expanding our testing and validation efforts to this second stage with Climate Carbon is expected to provide further proof of the effectiveness of DeepMarkit’s innovation. Our Company has received worldwide interest from customers to use platform. We look forward to completing this next level of testing and commercially launching the platform,” added Ranjeet Sundher, Interim CEO of DeepMarkit.
As background, the NFT minting process for an offset credit is initiated by confirming and authenticating the credit on a carbon project registry. Upon verifying the credit’s authenticity, the user is then approved to mint the carbon offset credit into a verified NFT through the MintCarbon.io platform. Once minted, the user can hold, sell or retire their carbon credit NFT. A holder of an active carbon credit can retire it via a retirement contract on the MintCarbon.io platform. Retirement takes place seamlessly on both the blockchain and on the authenticating registry.
ABOUT DEEPMARKIT
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting credits into NFTs. Its common shares are listed on the TSX Venture Exchange under the “MKT” stock symbol. DeepMarkit’s wholly owned subsidiary, First Carbon Corp. (“FCC”), is a software infrastructure company operating in the tokenization vertical of the blockchain. FCC’s primary asset, MintCarbon.io, is a web-based, software-as-a-service platform that facilitates the minting of carbon credits into NFTs (based on the ERC-1155 standard) or other secure tokens (based on the ERC-20 standard). MintCarbon.io is currently undergoing testing and FCC anticipates an official launch of the platform in the near future.
On behalf of:
DEEPMARKIT CORP.
“Ranjeet Sundher”
Ranjeet Sundher, Interim CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT
Statements in this news release may contain forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to the MintCarbon.io platform being tested with a higher volume of carbon credits than has been performed to date; DeepMarkit and Climate Carbon proceeding toward the preparation and execution of a definitive agreement in the near future; and statements relating to the Company’s business and corporate plans. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of DeepMarkit. Various factors can cause the actual results to differ materially from those in forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this press release are made as of the date of this news release and DeepMarkit does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
SOURCE DeepMarkit Corp.
