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Toronto, July 15, 2021 (Global News Agency)- Abaxx Technologies, (NEO:ABXX) (OTCQX:ABXXF) (“Abaxx” or “Company”), a fintech company, major shareholder Abaxx Singapore Pte Ltd, Abaxx Commodity Exchange, and SmarterMarkets™ Podcast, Is leading the formation of new enterprises, Basic Carbon Corporation (“Basic Carbon”). Base Carbon will be an independent company with its own balance sheet.
Emphasize:
- Expand carbon investment by creating Base Carbon Corp.
- The Base Carbon platform is being combined with experienced managers, existing sources of income and future business channels.
- Abaxx’s pending technology license to Base solves major problems in the carbon credit industry, including measurement, verification and reporting.
- The second follow-up investment in AirCarbon Pte. Ltd., the owner of AirCarbon Exchange, increased Abaxx Group’s ownership of AirCarbon to approximately 7.5%.
The formation and opportunity of basic carbon
In addition to existing and pending credits filtered based on quality and revenue potential, Base is also negotiating exclusive access to the project portfolio and expert team. As a “platform platform” with multiple opportunities, with the development of the carbon market, with the promotion of industry and social awareness and demand, with the improvement of regulatory clarity and the maturity of the market, Base Carbon intends to adjust the risk Raising and deploying funds in the carbon credit market ecosystem. The basic carbon management team has decades of experience in leading the procurement, management and financing of carbon projects in the carbon and environmental market ecosystem.
Abaxx AirCarbon investment and subsequent contribution to basic carbon
According to the terms announced by LOI February 11, 2021, Abaxx has completed its second subsequent investment in AirCarbon Pte. Ltd. increased the ownership of Abaxx in the company to 7.5% on a fully diluted basis for approximately US$1.1 million. The management and directors of Abaxx are very satisfied with the progress and growth of AirCarbon Exchange, because the company continues to use the traditional commodity structure to develop and provide carbon futures products and carbon emission reduction solutions.
In the follow-up transaction that will be completed in the next few days, the Abaxx board of directors has made a strategic decision to sell 2/3 of the company’s AirCarbon pro forma ownership interest to the new joint venture Base Carbon, the terms and conditions and Abaxx’s initial and subsequent investment in AirCarbon . After the completion of this transaction, Base Carbon will have a direct 5% interest in AirCarbon and will receive the right to appoint a director to the AirCarbon board of directors. This investment will serve as one of several cornerstone assets in the initial basic carbon investment portfolio.
“Abaxx indirectly exposes the impact on AirCarbon through the company’s 2.5% direct ownership, as well as through Abaxx’s incubator and formation partner’s majority stake in Base Carbon. In addition, as we move towards The commercial launch of Abaxx Exchange, we believe that this is a strong defensive measure that can protect our balance sheet, because we focus on our core service products, while optimizing our strategy and in this fast-growing market Exposure.” said Josh Crumb, CEO of Abaxx.
Abaxx and Base Carbon’s technology partnership
This formation of Base Carbon provides an opportunity for the strategic deployment of the technological infrastructure and tools developed by Abaxx for the Singapore Abaxx exchange. The ID++ protocol is very suitable for integration with countless “first mile” technology and data acquisition projects around the world.
Abaxx and Base Carbon have signed a pending license agreement for the deployment, support and continuous development of technical infrastructure and tools related to software-based MVR, and the establishment of a modular and integrated service suite based on blockchain digital identity development In the open digital identity standard (WC3 authentication credentials and DID parser). This feature includes end-to-end encrypted instant messages, voice and video with compliant transcription, document management, and collaboration, secure document and digital contract storage and transmission protocols with multi-party digital signature capabilities.
The Abaxx protocol is very suitable as a commercial operating system for the carbon and ESG economy, connecting different data stores, and performing real-time audits, identity verification, and legal agreements. Drones, satellites, humidity sensing, environmental monitoring, data management and machine learning software tools are…
The full story on Benzinga.com
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