Mark Cuban Buys $50,000 In Carbon Offset Tokens, Puts Them On-Chain Every 10 Days

Billionaire investor Mark Cuban revealed that he has been increasingly involved in the process of tokenizing carbon offsets on the blockchain.

What Happened: In a series of tweets, Cuban said he was been buying $50,000 in carbon offsets every 10 days and then putting them on-chain as Base Carbon Tonnes BCT/USD.

I’ve been buying 50k in offsets every 10 days or so, verifying them and putting them on chain as BCT. I would love to do the same thing and probably more with removal within KLIMA

— Mark Cuban (@mcuban) November 12, 2021

BCT are reference tokens that represent one tonne of carbon from the carbon credit issuer Verra’s Verified Carbon Unit registry from 2008 or later.

The BCT tokens are bridged onto Polygon MATIC/USD by the Toucan Protocol. Meanwhile, decentralized autonomous organization KlimaDAO aims to drive BCT’s price up and has accumulated over 9 million tonnes of carbon offsets worth $100 million to date.

“KLIMA has been operational for less than 1 month. And it’s a DAO. Which means it’s direction is controlled by those who are in the community. So the opportunity is there for all of us to set the direction,” said Cuban.

“I’m still learning, with a long way to go, but I don’t know why the platform couldn’t apply the same approach to removal that it has to offsets,” he added.

KlimaDAO is in Cuban’s portfolio of investments, although the size of the investment remains undisclosed.

Photo by Gage Skidmore on Wikimedia Commons.