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Adaverse Boosts TGE’s Web3 Drive for KSA’s Green Vision

Adaverse Boosts TGE’s Web3 Drive for KSA’s Green Vision
Image Source: www.tge.sa
  • Adaverse invests SAR 1.69M in TGE to drive Web3-powered environmental sustainability projects aligned with Saudi Vision 2030.
  • TGE’s blockchain platform enables localized carbon offsetting, connecting carbon offsetters with Saudi nurseries and reforestation projects.
  • Aiming for a USD 1 T global market, TGE plans to expand its platform, supporting Saudi Arabia’s reforestation and carbon reduction goals.

Adaverse, Saudi Arabia’s premier Web3 and blockchain fund, has made a strategic investment in Tharawat Green Exchange (TGE).

The SAR 1.69M investment will support TGE’s Web3 platform. The funds will enable localized carbon offsetting aligned with the Saudi Vision 2030 environmental goals.

Supporting Climate Action Through Web3 Innovation

TGE is an innovative force in Saudi Arabia’s environmental landscape, uniquely focusing on local projects for carbon offsetting.

It uses blockchain to link carbon offsetters, nurseries, and projects needing reforestation, facilitating the planting of 10 billion trees in Saudi Arabia by 2040.

Unlike global providers, TGE’s local-first model builds an ecosystem focused solely on Saudi Arabia.

Key beneficiaries include: environmental projects seeking reforestation, nurseries as tree suppliers, and offsetters committed to funding.

This new funding will drive infrastructure expansion, blockchain advancements, and Vera certification for TGE’s carbon credits.

Vera certification is essential to enhance global credibility for TGE’s blockchain-enabled carbon credits.

Strong Investor Support

Vincent Li, Founding Partner at Adaverse, stated, “Our investment in TGE aligns perfectly with our mission to foster innovative Web3 solutions that address real-world challenges.”

He added, “TGE’s approach to combining blockchain technology with environmental sustainability has the potential to transform how we approach carbon offsetting and tree planting initiatives in the region.”

Yakeen Al Zaki, TGE’s CEO and Co-founder, also shared optimism: “With Adaverse’s support, we are poised to make a significant impact on Saudi Arabia’s sustainability goals.”

“Our platform simplifies the process of contributing to environmental initiatives, making it accessible for anyone to participate in building a greener future,” he explained.

Future Market Potential and Expansion

TGE aims to expand further by raising an additional SAR 1.5M. The platform is currently targeting the USD 500B carbon offset market. It aims for global reach, tapping into a projected USD 1T market expected to grow 6% annually.

This investment positions Adaverse and TGE ahead of competitors by leveraging Saudi Arabia’s local markets and meeting the government’s Saudi Green Initiative targets. All that while aligning with global climate strategies.

By focusing on local project investment, TGE strengthens its commitment to the Saudi Vision 2030 goals, distinguishing itself from international counterparts and fortifying its market presence.

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