The Commonwealth Bank of Australia is currently prototyping blockchain tokens meant to enable landowners, environmental groups, developers and governments to invest in sustainable development.
Commonwealth Bank’s ‘BioTokens’
The bank announced in a press release published on its website on Aug. 21 that it is working on “BioTokens,” enabling sustainable investments co-developed with BioDiversity Solutions Australia.
Per the report, the project is part of broader developments meant to support regional businesses across Australia and enables the creation of crypto assets representing biodiversity credits for New South Wales Government’s Biodiversity Offsets Scheme.
The government project in question — introduced in 2017 — requires companies to find and purchase biodiversity credits to offset development impacts. Such credits can be generated by landholders establishing stewardship sites to protect biodiversity on their land.