Private company Creduce Technologies Private Limited (CTPL) has unveiled KICHEE, a tradable blockchain token. The token has went live on exchanges, with the aim to enable individuals and businesses to adopt a carbon-neutral way of investments.
According to the company, KICHEE is a carbon, hydro, energy and environment efficiency digital asset backed by carbon credits, equalling to 1/10th of a carbon credit that can be bought, sold, held, or even burnt. The launch price stands at $0.90, and the company targets to sell one token at $10 by the next quarter. In its first phase of minting, Creduce claims to have sold two million tokens at discounted prices and five million tokens have been booked by institutional buyers, which reportedly amounted to 10 million in the first phase, totalling interest from 40 institutions and retail customers.
As stated by Shailendra Singh Rao, founder, CTPL, an ecologically-driven approach to digital asset ownership can result in the emergence of carbon credit rewards that can be obtained through climate-conscious, environment-friendly investments. “With a digitalised, decentralised and democratised version of the Internet, we at Creduce felt the need to introduce a token like KICHEE. Owning a KICHEE token contributes to climate change mitigation with involvement from the investor, while having an impact on the environment and future generations. KICHEE’s purpose is to tokenise sustainability credits and reduce greenhouse gas emissions, creating an environment for everyone,” he added.
Sanctioned by Universal Carbon Registry (UCR), carbon credits are rewarded to individuals for activities that reduces carbon footprint from the environment. Creduce aims to execute projects to achieve carbon-neutrality and control climate impact.
Going by Creduce’s official website, it is a macro-scale organisation headquartered at Ahmedabad, Gujarat, with a set of professionals. Their domain of work include renewable energy, environment, and climate change mitigation advisory and business services.
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