SINGAPORE, Nov. 16, 2023 /PRNewswire/ — Marvion Inc., (OTC:MVNC), is excited to announce a strategic joint venture with Tawash for Facilities Resources Planning Consultancy and Palm Karbon Inc., marking a significant leap forward in the pursuit of sustainable and innovative solutions for addressing global climate challenges.
The joint venture is dedicated to tokenizing carbon credits at their source in the UAE and trading them globally on the blockchain. Additionally, the JV aims to establish, manage, and operate a decentralized carbon credit exchange, licensed in Abu Dhabi.
This initiative aligns with the growing demand for environmentally responsible practices and the need for efficient, transparent, and globally accessible carbon credit trading.
The Global Carbon Credits Market
The carbon credits market is of paramount significance in the global effort to combat climate change. Valued at over $300 billion USD1 in 2022 and set to grow exponentially in the coming years, specifically at a CAGR of 31 percent during the forecast period of 2023 to 2028 to reach a value of 1.6 trillion U.S. dollars according to Statista (https://www.statista.com/statistics/1399837/global-carbon-offset-credit-market-size/), the carbon credits market represents a critical mechanism for businesses and countries to offset their carbon emissions and promote sustainable practices.
Joint Venture’s Potential Impact on the Ecosystem
Marvion’s collaboration with Tawash for Facilities Resources Planning Consultancy and Palm Karbon Inc. is poised to make a significant impact on the entire carbon credits ecosystem. By tokenizing carbon credits natively at their source in the UAE and leveraging blockchain technology, the joint venture aims to enhance transparency, efficiency, and accessibility within the carbon credit market.
This pioneering initiative aligns with Marvion’s commitment to sustainable technologies and positions the company at the forefront of the global movement towards a carbon-neutral future.
Joshua Chu, Chief Risk Officer at Marvion commented, “Embracing the digital and smart economy, Dubai, Singapore, and Hong Kong are engaged in a fierce competition to become the leading Web3 hub. A key pillar in realizing this vision lies in the establishment of a green carbon credit economy. As visionary lawyers and web3 practitioners, we recognize the immense potential and imperative to establish our presence across all three jurisdictions, united by the shared heritage of utilizing the common law system.
The joint venture underscores Marvion’s dedication to fostering innovative solutions that contribute to the greater good. By tokenizing and trading carbon credits on a global scale, we are not just addressing a market need but actively shaping the future of sustainable business practices.”
For more information about Marvion Inc. and its transformative Metaverse Blockchain solutions, please visit www.marvion.media.
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that MVNC is a holding company that may not realize the expected benefits of DOT’s offered by Marvion. A further list and description of these risks, uncertainties and other risks can be found in MVNC’s regulatory filings with the U.S. Securities and Exchange Commission, including in its annual report on Form 10-K filed on April 17, 2023. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. MVNC undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
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About Marvion Inc.
Marvion Inc. is a Nevada holding company that through its subsidiaries are engaged in the media distribution business. Specifically, we provide authentication, valuation and certification (“AVC”) service, sale and purchase, hire purchase, financing, custody, security and exhibition (“CSE”) services to buyers of movie and music media through traditional channels as well as through leveraging blockchain technology through the creation of digital ownership tokens (“DOTs”).
The group is building an ecosystem and a metaverse for the media and entertainment industry that implements and adopts blockchain and NFT technologies, through mergers and acquisitions.
It is one of the first public-listed Web 3.0 group with market-leading technologies and ecosystem that aims to be the driver behind the world’s transition into Web 3.0. We offer services, access and content and provide the necessary tools for creators to create unique content in the Web 3.0.
More Information about Marvion:
About Marvion’s DOT
Marvion’s DOTs are integrated, best in class, digital ownership token (DOT) that contains a smart contract that can execute transactions and also contains the specific legal terms of the intellectual property ownership, license and/or rights. Each DOT contains the following:
- A copy of the SPA for the purchase of the master license.
- Evidence or warranty of ownership of the relevant intellectual property.
- Ownership of the sub-license detailing the rights of the DOT holder.
- Image/video/music or other file depending on what the asset is.
SOURCE Marvion Inc.
Originally published at https://www.prnewswire.com/news-releases/marvion-forges-groundbreaking-joint-venture-to-transform-usd300billion-global-carbon-credit-market-301990265.html
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