Veridium Sells $5M Worth of Its Tokens to BKCM, Other VC Firms

Published on 24 September 2018 by Cryptovest Staff

Blockchain oriented environmental company Veridium announced that its tokens were purchased by several VC firms, which invested in total $5 million.

Veridium Labs, a startup that leverages blockchain for the carbon credit markets, announced on Friday that several leading venture capital firms and institutional investors had acquired its tokens. The list of buyers includes Brian Kelly Capital Management, BlockTower Capital, Pink Sky Capital, and JCH Capital PTY. The VC firms invested a total of $5 million. Veridium secured the funds just before the launch of its presale planned for October 1.

According to Veridium, the group of VC firms and serial entrepreneurs support the blockchain startup as they want to speed-up innovation and help Veridium’s vision of leveraging distributed ledger technology (DLT) for the carbon credit industry.

Todd Lemons, Chairman of the Veridium Foundation, commented:

“The prominence of our lead token buyers in both the crypto and financial industries, shows not only the viability of Veridium, but also highlights the importance of the goals we are trying to achieve.”
“Having prominent funds such as BlockTower Capital and Brian Kelly support Veridium is a strong confirmation of our progress as we execute Veridium’s vision of transitioning to a sustainable economy,” he added.

Veridium has developed a unique technology that enables the issuance of carbon credits in a tokenized form. Thus, carbon credits are turned into digital assets that can be traded more conveniently. The platform provides solutions for the different problems related to using carbon offsets, such as low liquidity, price fluctuations, expiration dates, and multiple verification procedures and standards. Traditionally, offsetting corporate carbon footprints is a demanding and complex process. However, thanks to Veridium’s product, the operations run smoothly, especially through automated processes.

In May, Veridium partnered with tech giant IBM, one of the most active companies at implementing blockchain. According to the partnership, the environmental firm would use IBM’s blockchain solution to issue its token, which will be traded on Stellar.