CUSP Green Solutions (CUSP), headquartered in the United Kingdom (UK), has recently launched the first tokenised eMarketplace for sustainable goods and services in the UAE, as its first international location and Technology Hub. CUSP will accelerate the transition to clean energy by focusing on ground transportation first and expanding to include solar panels and other clean energy sources later.
Around 200,000 vehicles are sold in the United Arab Emirates (UAE) each year, predominantly with petrol or diesel combustion engines. However, the demand for electric vehicles (EVs) and plug-in hybrids has increased exponentially, from under 500 sales in 2015 to over 8,000 in 2020. Globally, the EV market makes up 9% market share of the overall car industry.
143 million vehicles are forecasted to be on our roads by 2030.
In the International Energy Agency’s scenario that assumes adherence to all stated policies, the global EV stock across all transport modes (excluding two/three-wheelers) expands from over 10 million in 2020 to almost 143 million vehicles by 2030, an annual average growth rate of nearly 30%. CUSP wants to speed up the adoption of EVs, to help the UAE reach its net zero target.
CUSP incentivises green choices by rewarding its stakeholders with CUSP Green Tokens.
CUSP’s eMarketplace is an aggregator bringing together manufacturers, dealers, banks, and financial institutions, including insurance, to use as an alternative channel to list and sell all their green products and services. It helps buyers compare products in one place and CUSP also provides education to ease the transition to EVs. When a green product or service is bought, CUSP rewards the buyers and sellers with free CUSP Green Tokens, their native utility token.
In response to community feedback, CUSP will issue tokens to anyone who has already purchased an EV (battery EVs or plug-in hybrid EVs) in the UK and the UAE.
EV owners need only sign up with www.cusp.earth and register their EV, to earn tokens for free. Since launching on 21 March 2022, CUSP has already issued tokens in the UK and the UAE. Going forward, CUSP will be working with their stakeholders to create various use cases for how CUSP Green Tokens can be used in the ecosystem, globally.
The UAE is strategically positioned for tokenisation.
The launch of CUSP coincides with two major crypto platforms announcing their UAE plans. Binance Holdings, the world’s largest crypto exchange by trading volume, recently received an in-principle approval from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in virtual assets. ADGM also published a proposal in March 2022 to trade virtual assets.
Crypto.com’s MEA’s office will be set up and, Singapore-based cryptocurrency exchange, Bybit’s head office will move to the Emirate of Dubai. Dubai is also gearing up its regulatory environment and announced the launch of the Dubai Virtual Assets Regulatory Authority (VARA).
CUSP’s founder and Chief Executive Officer, Manoj Menon, established the first international location in the UAE because the company’s vision is well aligned with the UAE’s technology and sustainability goals, stating: “Besides welcoming virtual assets, blockchain and web3.0 businesses, the UAE is also taking immediate action to reach its net zero targets.”
The UAE is focused on investments to reduce its carbon footprint.
The UAE has plans to invest AED600bn ($163 billion) in clean and renewable energy sources. In the Emirate of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, shared his ambitions for Dubai to become the city with the lowest carbon footprint in the world by 2050. Dubai is investing in many initiatives to not only be net zero by 2050, but to also get 75% of its energy from clean sources by then.
Abu Dhabi will host UN Climate Change Conference COP28 in 2023. The Emirate recently announced an additional 100 fast charging stations for EVs, as it prepares for hosting the Middle East and North Africa’s first summit focused on EVs in May 2022.
“We fully support the steps taken by the UAE Government to transition to clean energy, to reach net zero targets. We at CUSP are coming in to play a role as an accelerator, working closely with all the stakeholders,” added Manoj Menon.
The CUSP eMarketplace is also live in the United Kingdom, with ambitions of moving into other markets within Europe and the United States, as well as India, in the next 12 months.
CUSP is not a regulated financial service provider and is not registered with, regulated, or authorised by any authority. For more information, please read our full disclaimer.