January 8, 2022
By Sharan Phillora
On Monday, 3rd January 2022, the South Korean electronics giant Samsung announced in a press release that it will partner with Veritree, a project built on Cardano (ADA) for a tree-planting initiative towards a healthy climate and planet.
Here are all the juicy details of this ground-breaking project:
- In November 2021, Samsung had launched an ad campaign ‘Everyday Changes. Meaningful Impact‘ and the press release announced this week is merely an extension to this campaign where it further affirms the brand’s commitment to a sustainable future through technology.
- This collaboration between Samsung and Veritree will enable the use of blockchain to amplify nature-based solutions to climate issues with a goal to plant 2 million trees in Madagascar by the end of the first quarter of 2022.
- Veritree on the other hand had already started planting trees at the start of 2022. What makes this project all the more special is that the blockchain-based reporting systems can showcase the real-world impact of the tree planting efforts. This is possible because each tree planted will be tokenized, allowing Veritree to track, monitor, and create unique QR codes for donors that showcase the environmental impact.
- One ADA token donated will be equivalent to one tree token and one tree planted. Participants who donate 15 or more ADA will receive limited edition tree tokens, which they can then use to redeem art through NFTs.
- “Samsung’s sustainability journey is an ongoing and multi-faceted one. Investing in tech innovations, such as those that create efficiency improvements and minimize waste, in combination with nature-based solutions, are vital in the fight against climate change,” said Mark Newton, Head of Corporate Sustainability at Samsung Electronics America.
What does this mean for Cardano (ADA) in the marketplace?
Since the announcement, Cardano (ADA) has been quite bullish and was at a point also expected to reach an all-time high of $2 as of 4th January 2022.
At the time of writing this, as of 8th January 2022, ADA is exchanging hands at $1.24 which is a 3.40% increase in the price change and is expected to float at a low of $1.19 and a high of $1.25 according to Coin Market Cap.