(Oct 31) Singapore-based AirCarbon launched the world’s first blockchain-based carbon trading exchange, which will allow airlines and other corporate buyers to buy and sell tokens backed by carbon offset credits approved by the International Civil Aviation Organization.

The company is applying to the Monetary Authority of Singapore for a recognized market operator license and targets for the exchange to be fully operational in 2020, it said in a statement Wednesday.

The AirCarbon Exchange will finance the registration costs of some carbon-mitigation projects at no charge to developers to help generate credits to trade.