UAE-based Commercial Bank International to explore digital asset sustainability with Zumo
Commercial Bank International (CBI) has signed a Memorandum of Understanding (MoU) to “explore the tracking of digital asset sustainability” with UK-based digital-assets-as-a-service platform Zumo.
CBI partners Zumo for digital asset sustainability
The partnership will see Dubai-based CBI leverage Zumo’s platform to “provide carbon footprint insights with carbon offsetting for digital assets”, according to CBI chief strategy and innovation officer Giovanni Everduin.
Zumo’s turnkey, API-based platform enables businesses and financial institutions to integrate sustainable digital asset solutions without needing to build from the ground up.
With a focus on sustainability, the company says it “has been dedicated to research and solutions designed to help the crypto sector find a pathway to net zero”. For example, its Oxygen solution enables companies offering digital asset services in the EU to comply with MiCA sustainability disclosures.
With the UAE’s digital assets market on track to deliver $616.80 million in revenue by 2028, Everduin adds that the partnership will ensure that CBI can provide customers and institutions with “the required tools and data to ensure their sustainability goals are tracked and achieved”.
In addition to its new partnership with Zumo, CBI has been engaged in another digital asset-focused agreement with Abu Dhabi-based infrastructure platform Fuze since February of this year. The collaboration is aimed at developing “a suite of digital asset and blockchain products”, while also providing “the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments”, according to a statement released in February.
