- Tharawat Green Exchange (TGE) has raised $450,000 from Adaverse to enhance its blockchain platform for environmental sustainability in Saudi Arabia.
- TGE focuses on carbon offsetting by connecting local carbon offsetters with Saudi nurseries and land projects, supporting the goal to plant 10 billion trees by 2040.
- Adaverse’s commitment to supporting Web3 solutions aligns with TGE’s mission to innovate environmental practices through blockchain technology.
- TGE aims to capture a share of the rapidly growing global carbon offset market, projected to reach $1 trillion, with plans to raise an additional SAR1.5 million for expansion.
Tharawat Green Exchange (TGE), a pioneering Web3 platform based in Saudi Arabia, has successfully raised $450,000 in funding from Adaverse, a prominent Web3 and blockchain investment fund.
Founded in 2023 by Yakeen Al Zaki, Hassan Al Redha, and Yasser Alobaidan, TGE focuses on leveraging blockchain technology to advance environmental sustainability efforts in alignment with Saudi Vision 2030.
Driving Climate Action Through Blockchain Innovation
TGE is at the forefront of carbon offsetting in Saudi Arabia, introducing a localized approach that connects carbon offsetters with Saudi-based nurseries and land projects.
- Through its blockchain-driven platform, TGE facilitates the planting of trees for carbon reduction, contributing to Saudi Arabia’s ambitious target to plant 10 billion trees by 2040.
The platform’s model stands out as it is entirely locally focused, emphasizing projects within Saudi Arabia rather than those abroad. TGE’s structure includes three main stakeholders: project owners needing trees, nurseries supplying them, and offsetters funding the initiative to meet their carbon targets.
Strategic Investment for Future Growth
The $450,000 investment from Adaverse, equivalent to approximately SAR1.69 million, will enable TGE to strengthen its technological infrastructure and expand its sales and marketing efforts.
This funding will also support TGE in securing Vera certification for its carbon credits, a key step in ensuring global recognition and credibility for its carbon offset crypto. With Vera’s certification, TGE’s carbon credits will be eligible for trading in the global market, enhancing the platform’s appeal and financial value in the growing carbon offset industry.
Adaverse’s Commitment to Environmental Innovation
Vincent Li, Adaverse’s Founding Partner, highlighted the synergy between Adaverse’s mission and TGE’s innovative approach. He noted that the investment is aligned with Adaverse’s commitment to backing Web3 solutions that address critical environmental challenges.
TGE’s integration of blockchain for sustainability presents a transformative method to drive carbon offsetting and tree planting in the region, providing a streamlined path for individuals and businesses to contribute to environmental health.
Expanding Market Potential and Future Goals
Looking ahead, TGE has ambitious plans to scale its operations, with an eye on the $500+ billion global carbon offset market, which is projected to reach an annual value of $1 trillion, growing by 6% each year.
To support these expansion goals, TGE is planning to raise an additional SAR1.5 million, which will further enhance its technological capabilities and market reach.
With a clear vision and backing from Adaverse, TGE is poised to drive significant impact on Saudi Arabia’s sustainability goals while positioning itself as a leader in the evolving carbon offset and blockchain sector.
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Last Updated on October 29, 2024 by Safiya K
