Single.Earth choses LHV UK as banking partner

Tuesday 30 August 2022 10:36 CET | News

Single.Earth, an EQT-backed startup tokenising nature, has chosen LHV UK as its banking partner to gain access to real-time EUR payments.

Single.Earth starts the sale of its MERIT tokens on 1 September 2022 for individuals registered on the waitlist, and the general public will gain access to the blockchain-based currency at the end of the month. LHV UK will facilitate the sale of the MERIT tokens by providing access to its payment infrastructure and services.

With the MERIT token, small landowners gain access to the nature-based services market, which might have been out of reach before. The token takes things even further, moving past classic carbon instruments by looking beyond the forests and the carbon they sequester and paying attention to the species and habitats. Single.Earth believes that the climate crises cannot be considered without also considering biodiversity loss, seeing them as interconnected issues.

MERITs are minted on the Solana blockchain to the landowners' wallets. Single.Earth’s in-house science team, consisting of 20 interdisciplinary scientists, has built planet-wide models that describe how nature works across the globe in almost real time.

More about LHV UK

LHV UK is one of the founding members in instant EUR payments, processing 8% of the total Single Euro Payments Area (SEPA) Instant transactions in Europe. The scheme processes the payments in seconds, regardless of the time or day throughout the year. In addition to SEPA and SEPA Instant payments, LHV UK processes various card schemes for Single.Earth and provides the startup with safeguarding accounts, which separate client funds from the company’s operational funds, and operational accounts, which are designed to hold businesses’ operating funds.

Single.Earth, an EQT-backed startup tokenising nature, has chosen LHV UK as its banking partner to gain access to real-time EUR payments.

LHV UK aims to become a one-stop-shop for all banking needs of its fintech customers. In addition to account services and EUR payments, the company offers real-time GBP payments, agency banking, virtual IBANs, multicurrency accounts, and FX, amongst others.

In June 2022, LHV Group raised EUR 35 million via an oversubscribed rights issue. LHV uses the money to capitalise its UK bank, which is a key step in the banking licence application process.

The carbon credit industry

Single.Earth highlights how current net-zero policies still have a detrimental impact on biodiversity. To help save nature and slow down deforestation on a global scale, Single.Earth’s solution is to make carbon removal and biodiversity tradeable. It aims to make saving forests as profitable as cutting them down – landowners are awarded one tradable and nature-backed MERIT token for every 100 kg of CO2 captured by their forests, wetlands, or other natural resources.

Under the 2015 Paris Agreement, nearly 200 countries have endorsed the global goal of limiting the rise in average temperatures to 2.0 degrees Celsius above preindustrial levels, and ideally 1.5 degrees. Reaching the 1.5-degree target would require that global greenhouse-gas emissions are cut by 50% of current levels by 2030 and reduced to net zero by 2050. More companies are aligning themselves with this agenda: in less than a year, the number of companies with net-zero pledges doubled, from 500 in 2019 to more than 1,000 in 2020.

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Keywords: partnership, startup, real-time payments, tokenization, blockchain
Categories: DeFi & Crypto & Web3
Companies: LHV UK, Single.Earth
Countries: World
This article is part of category

DeFi & Crypto & Web3




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