XELS, a revolutionary blockchain-based carbon offset platform, today announced that it has joined forces with renowned carbon brokerage and risk management firm Redshaw Advisors. Under the collaboration, Redshaw Advisors will provide strategic advisory, consulting, and procurement of carbon credits for XELS.
Initially focused on the voluntary carbon credit segment, XELS launched its blockchain platform and eponymous digital asset earlier this month. The startup’s tokenized offset credits, which exist on an immutable public ledger, are designed to boost both transparency and participation in carbon markets. Unlike traditional carbon credits, XELS cannot be modified or double spent, and the process of “burning” used tokens ensures the credit is retired forever.
Anyone with access to a computer and an internet connection – from eco-conscious individuals to corporations that wish to show consumers they’re serious about tackling climate change – can buy and trade XELS. By working with Redshaw Advisors, XELS will be able to ensure the legitimacy of each credit it tokenizes, while also providing an additional record of the credit’s retirement in the Redshaw Advisors’ registry account. Upon retirement, Redshaw Advisors will also issue certificates that XELS’ clients can use to show the exact amount of CO2 they’ve neutralized.
“We are delighted to have been given the opportunity to advise, consult, and procure for XELS across carbon markets – compliance and voluntary – and renewable energy,” stated Bill Goldie, Head of Voluntary Market at Redshaw Advisors.
In the future, XELS seeks to offer regulated “compliance” credits in addition to voluntary offset credits. The startup is in advanced discussions with multiple listed Japanese corporations that wish to significantly curtail their environmental impact, in line with Prime Minister Yoshihide Suga’s goal of reaching net zero domestic emissions by 2050.
“In many ways, Japan is playing catch up with the rest of the world, and the European Union in particular,” explains XELS founder and CEO Takeshi Nojima. “XELS will become the easiest, most transparent way for businesses to join the fight against global warming, and we’ll be able to provide clear proof of their commitment – backed by Redshaw Advisors. That’s something consumers will appreciate, and eventually demand from the companies they support.”
XELS was founded in 2017 and is a member of the Climate Chain Coalition. XELS tokens can be obtained on the Bittrex Global and MXC cryptocurrency exchanges.
Redshaw Advisors, founded in 2014, with a long track record of success in the European carbon markets, has a growing presence in voluntary markets. Among numerous industry accolades, Redshaw Advisors was named 2020’s Best Trading Company and Best Advisory/Consultancy for EU ETS credits and Renewable Energy Certificates, as well as Best Trading Company for the Voluntary Carbon Market.