An emerging cryptocurrency that has been gaining popularity globally made itself even more attractive with a recent acquisition.
As relayed by PR Newswire last month, a complementary cryptocurrency called Letscoin secured a whopping three billion metric tonnes of approved carbon credits for use on the voluntary offset market.
“This transaction represents a significant milestone in sales and purchase placement involving the digitalisation mechanism of a complementary crypto stable coin,” Thana Balan P Jagnathan, the co-founder of Letscoin, said in a statement. “We achieved this groundbreaking transaction through a secure carbon credit preservation and exchange program using tokenization which was launched in June 2024 in Indonesia and November 2024 in Malaysia respectively.”
Jean Bilala, the executive chairman of Letscoin, added: “This is a significant step forward for Letscoin and the validation of the system as a complimentary cryptocurrency in favour of USDT. … The success of this transaction proves the quality and stability of Letscoin (LTSC) and the importance of a complementary market exchange backed with physical fiat, with the addition of a verified voluntary carbon credit offset, is a game changer.”
Many forms of cryptocurrency, such as the most predominantly known bitcoin, have been criticized for their negative environmental impacts. The process of mining bitcoin is energy-intensive and can put immense stress on electrical grids around the world. Some countries, including Russia, have resorted to banning cryptomining as a way to reduce energy consumption and prevent an economic crisis.
The development by Letscoin is the latest effort to create eco-friendly avenues for cryptocurrency to become economically viable.
Similarly, Ethereum, a major player in the field, made a significant shift in its technology that drastically reduced its energy consumption — by an impressive 99.95%. This change not only benefits the environment by cutting down on energy usage and pollution, but it also boosts Ethereum’s market appeal and potential for institutional adoption.
Ethereum and Letscoin are promising examples of how digital currencies can evolve to be more sustainable.
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