Indonesian tech company Aeroterra & Eldera Matadata Presisi has been selected to execute a pilot project that will assess the value of Kenya’s carbon credit assets.
The project’s lead sponsors Banyan Investment Banking & Hedge Fund, a Connecticut-based digital bank, and Quantum Metal Group, announced that they had appointed Indonesia’s Aeroterra & Eldera Matadata Presisi as the technology partner due to its innovative technology.
“We have fulfilled the commitment we made in late May to appoint a technical partner for the project that will support the Government of Kenya to accurately measure data on the country’s carbon deposits in real-time. This data will then be submitted to Verra for approval,” said Dr. Thana Balan from Banyan Investment Banking & Hedge Fund.
Verra is a US-based organization that oversees standards in the Verified Carbon Standard (VCS) Program.
The program will begin after the Aeroterra & Eldera Matadata Presisi receives all regulatory approvals, which is in progress. The consortium is committing $650,000 towards the project which will be financed through Letscoin, a digital complementary currency that was launched last Month.
Dr. Thana added that Aeroterra & Eldera Matadata will use drone and Artificial intelligence-driven technology to asses Kenya’s carbon assets. The drones are also capable of seeding soils which is critical to the rejuvenation of Kenya’s lands.
The pilot project will then be scaled to the wider region as part of the consortium’s Investment Bank Humanitarian Contribution Campaigning Programme.
Earlier Banyan Investment Banking & Hedge Fund also announced the launch of Letscoin, a digital complementary currency, designed to empower local communities by enabling merchants, entrepreneurs, and other users to participate in the digital economy.
Letscoin additionally secured financial banking from Germany’s Deutsche Bank. Banyan Investment Bank further announced a $100 million funding agreement with Quantum Metal Group to support their African gold trading activities. Banyan will serve as a custodian bank, holding 2.5 tonnes of gold on behalf of Quantum Metal Bullion Pty Ltd, the beneficial owner.
Follow us on Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke
