Topl, a blockchain-based solution for tracking and monetizing social performance initiatives, has raised $15 million in a Series A funding round.

Co-edited by Mercury, Republic Asia and Cryptology Asset Group. The company’s founder, Chris Jorgen, said it raised $5 million during the seed round in 2020.

The project helps businesses that try to pursue products that comply with sustainable development principles and take into account social impact.

Commodities can range from conflict-free diamonds to ethically grown coffee or affordable cocoa from a farmer.

According to Georgen, blockchain technology is well suited for this purpose in emerging markets where participant trust is low or there is a large gap between them.

“So, if I’m dealing with the coffee supply chain, I have individual small farmers and big companies like Cargill. Or there are projects large and small in the field of carbon credits. They are diverse and nobody knows how to interact with each other. [государственным] compensation,” he said.

The company will use the funds raised to recruit new employees and fulfill three key aspects of the roadmap.

First, the firm hopes to increase the decentralization of the project by transferring control to the blockchain community. The next two elements are traceability-as-a-service launch next month and registration-as-a-service for carbon credits.

Georgen says the company works with a wide range of clients, from startups to Fortune 500 companies, and expects 40-50 projects to be active on the Topl network by the end of 2022.

“I think we are still in the early stages of blockchain adoption,” he says.

Recall that Dubai-based company 5ire has raised $100 million for the development of a sustainable blockchain following the results of its Series A funding round.

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