Coral, a pioneer in the climate Technology sphere, recently celebrated a significant milestone by securing $3 million during their pre-seed funding round. This innovative company is harnessing the power of blockchain and artificial intelligence (AI) to revolutionize how we manage and mitigate carbon emissions. With this substantial injection of funds, Coral sets sights on enhancing its platform, expanding its operational base to Abu Dhabi, and recruiting a team of top-tier experts to elevate its AI technology to new heights.
Driving Transparency in Carbon Credit Management
The impressive funding feat was announced by Coral on September 24, marking a new chapter in the company's journey towards fostering a sustainable future. Spearheaded by a group of seasoned Tech investors, the funding is earmarked for significant expansion and Development efforts. Among these are the establishment of a new office in Abu Dhabi and the addition of elite professionals to their team, aimed at broadening Coral's reach and impact. The funding will also turbocharge the enhancement of Coral's AI-driven platform, which offers a streamlined approach for businesses to manage their carbon Data efficiently, ensuring meticulous measurement and reporting of emissions.
Coral's platform is distinctive, offering end-to-end tracking of carbon credits. Leveraging Blockchain technology, it facilitates real-time verification, guaranteeing the authenticity and integrity of carbon offsets. Daniele Sileri, Coral’s director of product and strategy, shared the team’s enthusiasm: “We’re grateful for the support from our investors, who share our vision for a sustainable future. This funding allows us to expand our platform, strengthen our team, and advance our mission to make carbon neutrality more transparent and accessible for businesses worldwide.”
The startup has already forged significant commercial partnerships, notably with Nissan, managing carbon offsets for its Formula E team. Coral's Emissions Management System (EMS) is gaining traction among various companies, with the firm actively exploring partnerships with new corporate and global climate organizations.
Jürgen Hoebarth, Coral’s Director of Operations and Research, emphasized the unique benefits of integrating Blockchain and AI into their emissions management system, highlighting Coral’s capacity to assist organizations in reaching their sustainability goals.
Navigating cryptocurrency Regulations in the UAE
In a parallel development underscoring the UAE's progressive stance on Digital finance, the nation has announced the exemption of Cryptocurrency transactions from Value Added Tax (VAT), starting November 15. This pivotal move by the Federal Tax Authority (FTA) marks a significant step towards fostering a nurturing environment for cryptocurrency ventures, offering businesses a chance to re-assess and amend their tax filings in response to the VAT exemption. This proactive approach by the UAE is set to boost cryptocurrency Adoption and could potentially influence regulatory Policies in other countries, including the US, especially in the wake of upcoming political elections.
Earlier, the UAE had also greenlit the Payment of salaries in cryptocurrency, affirming its ambition to emerge as a global nucleus for digital asset Innovation.
Photo Credit: Ijaz Rafi
Expanding the Blockchain and Digital Asset Dialogue
Amidst these advancements, the conversation around blockchain technology and its myriad applications continues to gather momentum. High-profile figures and policymakers, including US Vice President Kamala Harris, have called for heightened American leadership in the blockchain domain, emphasizing the critical role of digital assets. For those keen to delve deeper into the world of blockchain, a series of reputable industry events such as the Blockchain Expo, held in locations including Amsterdam, California, and London, offer invaluable insights and learning opportunities.
For technology enthusiasts looking to stay ahead of the curve, a host of enterprise technology events and webinars are slated for the near future. These gatherings promise to be a hotbed of Innovation, sharing, and discovery, propelling the discourse on technology and sustainability forward.
With Coral’s groundbreaking approach to carbon emissions management and the UAE’s bold steps towards cryptocurrency acceptance, the intersection of technology, sustainability, and policy continues to evolve. These developments not only underscore the critical importance of innovation in tackling global challenges but also highlight the dynamic nature of regulatory landscapes in accommodating and fostering technological advances.
