U.S. State Government Adopts Hedera for Environmental Credit Trading in Virginia
- The Hedera-based credit marketplace by Virginia DEQ brings real-time transparency, traceability, and price discovery across more than 600 mitigation banks.
- Beyond environmental markets, Hedera continues expanding across regulated use cases.
The Hedera blockchain network gets a major boost as the Virginia Department of Environmental Quality (DEQ) has partnered with WaterLedger to bring a statewide environmental credit marketplace. The U.S. State of Virginia is building an environmental credit marketplace atop the Hedera blockchain. Virginia is a national leader in mitigation banking, a financing mechanism used by developers and construction firms to register and offset environmental impacts.
As a result, the DEQ has selected a platform that can deliver end-to-end transparency, real-time supply and demand, digital credit identifiers, robust price discovery, and free-market integrity across 600 mitigation banks. So it has selected Hedera for this new credit marketplace.
This marketplace takes a new approach to how environmental credits are issued, tracked, and traded. It offers better transparency, traceability, and compliance to improve overall market efficiency. Officers called this launch a big step for target=”_blank” rel=”nofollow noopener”>reported by CNF, they supported PharmaTrace last month to provide a regulated, decentralised physical infrastructure network (DePIN) across pharmaceutical supply chains.
In a similar development, the Hedera Foundation announced an integration with Ownera, a distribution network used by financial institutions. Together, they will work to simplify access to tokenized real-world assets on Hedera for banks, broker-dealers, and asset managers.
Moreover, Hedera is also making a big move into the machine economy and the defense sector by partnering with aviation technology firm Neuron. As mentioned in our previous story, the two organizations are lined up for a potential partnership with the North Atlantic Treaty Organization (NATO). This shows the growing interest in applying distributed ledger technology to critical national infrastructure and defense-related use cases.
The HBAR price is showing signs of recovery, bouncing back from the support at $0.10. As of press time, it is trading 3% up at $0.1135 with a market cap of $4.83 billion.
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