Samsung Electronics America is set to “get exposure to Cardano” through a new reforestation effort the company has launched in partnership with veritree, a Cardano-powered platform that will manage the tree-planting initiative with the use of blockchain technology.
According to an official post published by Samsung, the company’s goal is to plant two million trees in Madagascar by the end of the first quarter of the year with veritree’s help. Mark Newton, Head of Corporate Sustainability at Samsung Electronics America, was quoted saying:
- Investing in tech innovations, such as those that create efficiency improvements and minimize waste, in combination with nature-based solutions, are vital in the fight against climate change.
The tech giant explained that trees and forests play a critical role in stabilizing the climate as they “impact the carbon cycle, regulate ecosystems, conserve biodiversity, and can help support the well-being and livelihood of local communities.”
Samsung is set to work with on-the-ground experts from Eden Reforestation Projects and community members to plant the trees, which are expected to restore “roughly 200 hectares of land and sequester roughly one billion pounds of CO2 over a 25-year period.”
Veritree itself has launched a fundraising campaign where it accepts Cardano’s native ADA token to plant trees, which are tracked on the blockchain through tree tokens. Sidney Vollmer, Head of Brand & Comms at the Cardano Foundation, noted on social media the deal will see Samsung “get exposure to Cardano.”
As CryptoGlobe reported, the Cardano blockchain has recently seen its first usable decentralized finance (DeFi) application launch on top of it. The application, a decentralized exchange called MuesliSwap, amassed over $1 million in total value locked in only two days.
Cardano founder Charles Hoskinson has revealed he believes projects like Cardano will be “ “as ubiquitous as the internet and used by billions” in the future. The Cardano network notably led the cryptocurrency market in developer activity last year, with Kusama and Polkadot behind it.
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