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Terrapass creates digital coin for carbon offsetting on a blockchain system

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Terrapass, a leader in carbon offset and renewable energy solutions, member of the Just Energy Group, announced this Thursday it has launched Terrapass Coin (TPSC), a digital asset that works as an ERC-20 token on the Ethereum blockchain system.

The digital coin allows customers to own, buy, sell; also, trade, or offset their carbon footprint by managing the coins through designated Terrapass products. Consequently, the coin gives them control of their footprint like any other coin.

According to the company’s statement, the company has mined one TPSC for every metric ton (mT) of carbon offsets reserved for Terrapass products. As customers purchase them, they receive one coin for every mT of carbon offsets they buy.

Then, the customer receives the coins through a digital wallet quarterly. Which gives them the option to hold, gift, trade; or use TPSCs to offset their own carbon footprint as they see fit. According to the company’s metrics, one mT of carbon offsets is equivalent to avoiding over 2,500 miles of driving.

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Terrapass allows customers to make a positive environmental impact

Sam Telleen, Senior Director and General Manager of Terrapass, said. “Modernization of the carbon offset transaction is an important step in how consumers address their carbon footprint. Customers want more control over the carbon offsets they purchase in addition to a better connection with the projects they support.”

He also remarked. “By expanding our product offerings with blockchain solutions through TPSCs, we provide customers a new way to buy, sell, trade, and use carbon offsets from verified projects when and how they choose.”

Consequently, the coin aims at allowing customers to make a positive impact on the environment with confidence, thanks to Terrapass’ sustainability products and third-party verification. The coin intends to create a one-to-one relationship between every mT of carbon offsets and this new digital blockchain offering.

Finally, Telleen also highlights. “By introducing more product innovations in the sustainability sector, Terrapass aims to drive more investment into carbon reduction projects and provide additional ways for everyday consumers to participate more directly.”

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