10 August 2023

Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx

The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...

Globacap Announces The Launch Of The Sustainable Impact Token On Tezos, Raising Up To $20m To Fund Algae Biomass Project

Globacap has announced the launch of the Sustainable Impact Token (SIT), looking to raise up to $20m to fund an agri-tech algae biomass project, which will utilize Tezos smart contract technology.

Carbon credits generated from the project will be tokenized as ‘Algaecoin’.

Disclaimer

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Read our full disclaimer here.

Globacap

Globacap are an FCA regulated London-based UK firm specializing in unlocking private capital markets.

The company was founded to ‘…use emerging blockchain technology to completely change the underlying processes behind private capital markets’.  

Private capital markets grew to more than $7tn in 2021 and have shown explosive growth recently as investors look for higher returns.

Private markets are still dwarfed by the traditional asset management industry and are known to be inefficient in application, however, Globacap uses blockchain technology to reshape how private markets can operate, enabling transactions that rival the efficiency of public markets.

Back in 2019, Globacap partnered with the Tezos Foundation to take private markets to the next stage of evolution.

Now, Globacap has announced the launch of the world’s first blockchain-based algae biomass project developed and operated by Sustainable Impact Token (SIT).

Algae Biomass

Biomass is a ‘…plant-based material used as fuel to produce heat or electricity. Examples are wood and wood residues, energy crops, agricultural residues, and waste from industry, farms and households.’

Algae biomass has many benefits over other types of biomass as it has the potential to‘… produce considerably greater amounts of biomass and lipids per hectare than terrestrial biomass, and can be cultivated on marginal lands, so do not compete with food or other crops.

Algae can be cultivated photosynthetically using sunlight for energy and CO2 as a carbon source.’

Algae biomass is renewable. Unlike oil and natural gas fuels which are finite resources and can eventually run out.

Algae can always be cultivated, however, its current production does rely heavily on other natural resources such as phosphorus.

Phosphorus is used in fertilizers to cultivate crops and therefore widescale usage in algae farms could have a large scale impact.

There have been recent studies looking into the potential of using the algae as a fertlizer and it has already been shown that wheat can access the phosphorus from algae biomass as efficiently as from mineral fertilizer.

Algae biomass has advantages in terms of carbon dioxide management as algae farms can convert carbon dioxide into oxygen: ‘Algae farms give us the potential to create a neutral environment where the growth cycle absorbs the gases that we create when meeting our everyday needs

…When we start using sustainable biomass to create fuels instead of natural gas or oil, then the photosynthesis process of the plants converts the CO2 into oxygen for our atmosphere to enjoy.’

The algae biomass sector is currently valued at $5 billion and is expected to grow as a compound annual growth rate of 6.3% during the next 3 years.

The market for algae fuel is expected to increase to $11.4 b by the year 2027.

The Sustainable Impact Token (SIT) Powered By Tezos

The algae biomass project has been developed by The Sustainable Impact Token (SIT), which recently released their June 2022 whitepaper.

SIT is raising up to $20m to fund the development of a flagship biomass production facility in Poland.

In the whitepaper it states:

‘Sustainable Impact Token (“SIT”) is leading the development, construction and operation of algae biomass farms using patented, sustainable technology to produce high-quality, non-animal protein within a system powered exclusively using renewable energy.’

SIT uses Tezos to provide an FA 2 token contract, representing investors preferred shares in the project. Tezos is used to ‘…enable frictionless transferability in full compliance with securities regulation’.

A Sustainable Impact Token will represent asset-backed preferred share with a dividend yield of 10% per year with records being kept on the blockchain.

The SIT will quantify its reduction levels, generating carbon credits, which will then be tokenized as digital assets called ‘Algaecoin’ and traded on exchanges.

After the token sale it is expected that the project will take 9-12 months to begin operation, meaning investors will not receive a dividend in the first year. 

On the project, Myles Milston, CEO of Globacap said:

“Being part of this pioneering project marks an important milestone in our ongoing mission to enable frictionless asset creation and transferability.

With Globacap, the capital raising process is completely digital, mostly automated, transparent, secure, and compliant.

Our work with SIT and Tezos is transformational in the way this market can operate.”

Chairman & Founder of Sustainable Impact Token, Peter Henderson, commented:

“We wanted to structure the offering using an innovative, transparent and secure approach. Investors are being offered an attractive return, in a real asset, but through digital technology – and they can make their investments through fiat or crypto currencies.

“Bringing the token offering to market has been amazingly smooth, which is a credit to our partners at Globacap, Tezos and Lumin Capital.”

Mason Edwards from Tezos Foundation added:

“As solutions to the macro challenges of food scarcity and sustainable energy production continue to be a global priority, demand for investment vehicles that can also support these objectives are increasing.

We are thrilled to see Globacap choose Tezos to power this unique blockchain based, asset-backed offering.”

Disclaimer

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Read our full disclaimer here.

Upload Article

Complete the submission form, which includes fields for your name, contact information, a short author bio, and the title of your article. Submit your Word document as a word doc file. If you encounter any issues during the submission process, please contact our support team for assistance at info@xtz.news. We encourage all aspiring contributors to read and understand our submission guidelines and editorial policy before submitting.

[gravityform id="3" title="false" ajax="true"]

Other News

View More
Tezos Robinhood

Robinhood Adds XTZ to Its Cryptocurrency Offerings for New York

Robinhood, a popular trading platform known for democratizing access to financial markets, has expanded its cryptocurrency services in New York State by adding Tezos (XTZ) to its list of available digital assets. This development allows New York-based users to buy, sell, and trade Tezos, enhancing the cryptocurrency’s accessibility…

Read More

Tezos X: A Vision for the Future of Blockchain

Today, Tezos X has been unveiled, presenting a forward-looking vision for Tezos that marks a significant evolution from its original design. According to the official blog, this vision addresses some of the most fundamental issues in the blockchain space, aiming to enhance usability and utility while maintaining the core properties of blockchain technology.

Read More

Werenode: Fusing Blockchain Brilliance with EV Charging Innovation

As electric vehicles (EVs) become more prevalent, Werenode is leading the charge by revolutionizing the EV charging infrastructure through blockchain technology. By leveraging Tezos and Binance blockchain technology, Werenode aims to simplify the EV charging process, ensuring secure, transparent, and immutable transactions. Their approach tackles key challenges in the industry, such as network fragmentation, interoperability, and complex payment systems.

Read More