The partnership was announced at the Consumer Electronics Show (CES) in Las Vegas. Cardano Foundation’s Sidney Volmer tweeted about it, explaining that it’s part of Samsung’s land restoration efforts and will mean that the company now has exposure to Cardano.
With the partnership, 2 million trees will be planted in the first quarter of this year. Mangrove trees would be planted in Madagascar as part of the company’s effort to limit the effects of climate change. The decision to plant these trees is a strategic one as the trees store ten times more carbon than other tropical forest trees.
Veritree and Cardano have been partners for a while now, with Veritree’s reforestation verification records stored on the blockchain. This makes it possible to certify data from planting sites and link every donation to the land it helped restore.
In 2021, Cardano Foundation and Veritree launched an Initial Tree Offering (ITO) where users have to donate at least one ADA token to get one Tree token. At the time of writing, the ITO has received enough contributions to plant 553,900 trees.Advertisement
Samsung and Cardano’s big Crypto Plans for 2022
While the partnership is between Veritree and Samsung American subsidiary, the electronic behemoth has started making inroads into the blockchain space.
The company promises to launch a TV screen-based NFT explorer and marketplace in 2022. Users will be able to view, buy, and display their NFTs on this smart TV, and creators can also use them to share their art with potential buyers.
With this exposure to Cardano, it’s clear that both Samsung and Cardano have big plans for 2022. Cardano has already announced its ambitious roadmap for the year, which will improve its smart contract capabilities and provide Defi solutions for African countries. All these plans were explained in a couple of videos uploaded by the CEO, Charles Hoskinson.
While Cardano might have big plans, its native token, ADA, seems to be unaware of those plans as the price action has been negative. ADA has lost 4.3% of its value in the past seven days and has only grown by almost 2% within the last 24 hours to $1.35 as of press time.
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