veritree and Cardano Foundation Complete Global Impact Challenge as "Cardano Forest" Reaches Funding Target for Planting 1M Trees

USA - English

• USA - English

VANCOUVER, British Columbia, Jan. 14, 2022 /PRNewswire-PRWeb/ -- veritree, the restorative platform that connects mission-driven companies with nature-based solutions, today announced that it had reached 100% funding for the "Cardano Forest," a first-of-its kind crowdfunded program that pledges to plant, trace and verify more than 1 million trees together with the Cardano Foundation, the not for profit organization and custodian of the Cardano blockchain.

The Cardano Forest is a blockchain-enabled reforestation project that leverages surging interest in Cardano's blockchain and community of users. Participants exchange ada, Cardano's native token, for "NFTrees" – non-fungible tokens that represent trees to be planted – and earn digital certificates, NFT art provided by digital artists Egon (stellarhood.com) and Damián (cardanotrees.com), and other incentives based on their contributions.

More than 4,600 users have signed up for the program, donating more than one million ada to-date, which will allow for the reintroduction of native tree species in Kenya. Planting will commence in early 2022, in coordination with experienced restoration partners already participating on the veritree platform.

As a nature-based technology platform, veritree offers unprecedented insight into the status of the forest. The platform integrates real-time site monitoring and data collection with blockchain-based accounting and verification in order to generate the most actionable and trustworthy tools for assessing and communicating reforestation impact. In the first quarter of 2022, Cardano Forest donors will be able to redeem their veritree tokens for an NFT planting certificate and NFT artwork, corresponding with their live trees once they have been planted, and monitor the Cardano Forest website (ito.veritree.com/) for project updates.

Each veritree project is carefully curated to maximize environmental conservation, human wellbeing, and climate action. veritree also complements each project with a technology suite that best assesses and communicates impact. The Cardano Forest project sits atop the Cardano blockchain, which it uses to enhance traceability and verification, providing a range of benefits in the crowdsourced campaign.

"We're proud to see such enthusiasm across the Cardano network for this project, which showcases how blockchain can be leveraged for good,"said veritree CEO Derrick Emsley. "The Cardano Forest brings together Cardano, its Foundation, and its community of users to collectively realize, and verify real, positive change."

Frederik Gregaard, CEO of the Cardano Foundation, said, "We at the Cardano Foundation are delighted with the success of the Cardano Forest. It is an incredible example to showcase how SDG reporting can be transparent with blockchain technology and, most importantly, showcase the power of the Cardano community."

veritree partners with global organizations looking to establish transparency and accountability for ecological, social, and climate-positive restoration. Earlier this month, veritree announced a partnership with Samsung Electronics America to plant and monitor two million mangrove trees on the Madagascar coastline in 2022, moving the organization closer to its goal of planting and verifying one billion trees by 2030.

ABOUT VERITREE:
veritree is a reforestation platform that connects nature-based solutions with mission-driven companies ready to lead the restorative economy. With on-the-ground monitoring and blockchain verification, veritree improves transparency and trust through data and tools that restore ecosystems, revitalize communities, and fight climate change. Founded by tentree, the clothing brand that pioneered customer-engaged tree planting, veritree scales consumer-centric planting programs between planting organizations and corporations around the world. veritree's mission is to plant and verify one billion trees within the decade. For more information, visit veritree.com.

Media Contact

Tim Gnatek, Blue Practice, +1 (415) 342-6632, [email protected]

SOURCE veritree