ACX

What ACX does

ACX (AirCarbon Exchange), founded in 2019 and headquartered in Singapore, operates the world's first fully digital carbon trading exchange, combining a traditional central-limit order book architecture with distributed ledger technology on the Polygon (Matic) network for atomic T-0 settlement. The platform tokenizes environmental instruments into standardized blockchain-based contracts including CORSIA Eligible Tokens (CET), Global Nature Tokens (GNT/GNT+), Sustainable Development Goals Tokens (SDGT), Household Offset Tokens (HOT), and Emission Reduction Tokens (ERT), each backed by one equivalent tonne of CO2 from verified underlying carbon projects. ACX's technology stack includes a matching engine capable of approximately 10,000 trades per second, an OTC settlement portal (ACX Block Portal) that reduces settlement time from weeks to three working days, and integrations with independent verifiers (BSI) and rating providers (BeZero Carbon, SYLVERA) for quality assurance.

The company's revenue model is multi-streamed: (1) trading commissions of approximately $3 per 1,000 tCO2 (less than 0.5% of notional value), undercutting traditional OTC intermediaries that charge 20-30%; (2) account and platform fees including a $50 monthly minimum balance fee; (3) technology licensing to national stock exchanges including Indonesia (IDXCarbon), Greece (Athens Stock Exchange), Brazil (B3), Argentina (BACX), and the US (StoneX partnership); and (4) capital from strategic investors including Mubadala Investment Company (20%+ strategic stake, November 2022), Deutsche Börse AG (March 2022), TRIREC, and Banpu's venture arm.

ACX serves four primary customer segments: corporate entities seeking to meet Net Zero pledges, financial traders seeking regulated carbon exposure, carbon project developers seeking market access, and governments/financial centres establishing domestic carbon market infrastructure. Operations span offices in Singapore (headquarters), Abu Dhabi (MENA regional HQ, with ADGM exchange and clearing house operations being wound down as of October 2024 with clearing centralized in Singapore), London, and Jakarta. The company has transacted 21+ MTCO2e across 30+ countries with 190+ active trading members and has expanded its product surface into adjacent environmental commodities through ACXBiofuels (biodiesel, SAF, HVO) and most recently ACXRWA (real-world asset tokenization in climate finance, launched September 2025).

Name

ACX

Legal name

ACX Holdings Ltd.

Website

https://acx.net

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

ACX (AirCarbon Exchange) operates a blockchain-enabled digital exchange for trading tokenized carbon credits, renewable energy certificates, and biofuels, serving corporates, financial traders, project developers, and national stock exchanges across 30+ countries from its Singapore headquarters.

Ownership category

akta.pro rank

Product category

Carbon Credit Exchange

NAICS

Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (52316), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Carbon Exchanges & Trading Venues (Spot, forward, auction platforms) (EUABAAAB)

akta.pro secondary industries

Market Access, Connectivity & Trading Technology (APIs, OMS/EMS, FIX connectivity, venue gateways) (EUABAAAF), Environmental & Emissions Commodities Exchanges (Carbon, Renewable Certificates) (FSAFAMAE), Auction & Allocation Platforms for Compliance Schemes (Allowance auctions, allocation/transfer systems) (EUABAAAJ), Cross-Border EAC Trading & Compliance (Multi-registry, Multi-jurisdiction) (EUAGAFAJ), Carbon Registries & Issuance Platforms (Project/credit lifecycle, serials, issuance, retirement) (EUABAAAA), Compliance & Integrity Infrastructure (KYC/AML, sanctions screening, fraud detection, claims/labeling integrity) (EUABAAAG)

Keywords

• Carbon credit exchange
• Voluntary carbon market
• Environmental commodities trading
• Renewable energy certificates
• Blockchain trading platform

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Trading Commissions: ACX charges trading commissions on carbon credit transactions executed on the exchange. The platform offers the lowest trading fees in the market at $3 per 1,000 tCO2, with total trading fees of less than 0.5% of notional value. This is significantly lower than the 20-30% fees charged by traditional carbon market intermediaries.
2. Account and Platform Fees: ACX charges a minimum account balance fee of USD 50 per month if the account average balance falls below USD 5,000. Additional platform services and listing fees may apply for project developers and issuers onboarding credits.
3. Technology Licensing: ACX generates revenue by licensing its proprietary exchange technology platform to third parties, including stock exchanges and governments. Examples include powering Indonesia's IDXCarbon exchange and providing technology infrastructure to Athens Stock Exchange for Greece's carbon market development.
4. Strategic Investment Capital: ACX has raised convertible note funding rounds from strategic investors including TRIREC, Mubadala Investment Company, and Banpu Public Company Limited's venture arm. While not recurring revenue, this capital supports growth and market expansion.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels6 records

Core offering

ACX (AirCarbon Exchange) operates a fully digital, blockchain-enabled environmental commodities exchange that enables spot and derivatives trading of tokenized carbon credits, International Renewable Energy Certificates (I-RECs), and biofuels. The platform serves corporate entities, financial traders, carbon project developers, governments and stock exchanges, offering atomic T-0 settlement, independent BSI verification, and BeZero Carbon Ratings. It generates revenue through transaction commissions, account/platform fees, and white-label technology licensing to national exchanges.

Differentiator

Problem solved

Functional benefit

Products and services

• ACX Carbon Exchange (Carbon Contracts) Digital exchange platform for trading tokenized voluntary carbon market credits. Supports spot and (historically via ADGM Carbon Market Board) derivatives trading of standardized contracts including CORSIA Eligible Tokens (CET), Global Nature Tokens (GNT/GNT+), Sustainable Development Goals Tokens (SDGT), Household Offset Tokens (HOT) and Emission Reduction Tokens (ERT). Designed for corporations, financial traders and carbon project developers globally.
• ACX I-RECs (Renewable Energy Certificates) Digital trading of International Renewable Energy Certificates (I-RECs), including Renewable Energy Tokens (RET), via ACX's exchange platform and the Trayport integration for streamlined settlement. Targets corporate buyers seeking renewable energy claims.
• ACXBiofuels Platform Electronic physical trading platform for biofuels and biofuel feedstocks (biodiesel, Renewable Diesel/HVO, Sustainable Aviation Fuel and Used Cooking Oil), operating 24/5 under ADGM FSRA regulation. Serves commodity traders, fuel suppliers and corporate buyers in the biofuels supply chain.
• ACXRWA (Real-World Assets Platform) Next-generation digital platform for real-world assets (RWA) in climate finance, designed to unlock capital for real-world climate change mitigation projects. Targets institutional investors and climate finance counterparties seeking exposure to tokenized climate real-world assets.
• ACX Block Portal (OTC Settlement Portal) Proprietary portal enabling streamlined entry and settlement of over-the-counter (OTC) carbon credit trades, bypassing bilateral KYC requirements and reducing settlement time from weeks/months to 3 working days. Targets brokers and institutional traders.
• ACX Exchange-as-a-Service (White-Label SaaS) White-label licensing of ACX's proprietary digital exchange technology to stock exchanges, governments and financial centres to launch regulated carbon and environmental markets. Deployed for Indonesia's IDXCarbon, Athens Stock Exchange (Greece), B3 (Brazil), BACX (Argentina) and others.

Quantifiable outcome

• Settlement time reduced from 2 weeks to 2 months (OTC) to 3 working days via ACX Block Portal
• +4 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature9 records

Partnerships

29 partnerships are on record, tiered core and minor.

• Bolsa Argentina de Carbono S.A. (BACX)coreStrategic or Co-development Partner · 4 June 2025ACX Group partnered with BACX to launch Argentina's first digital carbon exchange, combining ACX's technology with BACX's local expertise. The initiative aims to establish Argentina as a major producer of high-quality carbon credits.
• B3 (Bolsa Brasil Balcão)coreStrategic or Co-development Partner · 11 December 2023ACX partnered with B3 to streamline carbon market access for Brazilian companies seeking to reach their net zero goals, connecting Brazil to global carbon markets.
• SYLVERAcoreTechnology or Integration · 6 December 2023ACX and SYLVERA partnered to launch a standardized contract for highly-rated carbon credits (SYLVERA 'A' Nature Tonne), promoting quality in the market and bringing further transparency to carbon credit trading.
• TrayportcoreTechnology or Integration · 28 November 2023ACX partnered with Trayport to facilitate seamless I-REC (International Renewable Energy Certificate) settlement, accelerating trading efficiency and reducing counterparty risk. The partnership contributed to settled volume of over 450,000 MWh in six months.
• American Carbon Registry (ACR)coreTechnology or Integration · 22 November 2023ACR partnered with ACX to offer Emission Reduction Tokens (ERT) on the exchange, enabling carbon credits certified under the American Carbon Registry standard to be listed and traded.
• Indonesia Stock Exchange (IDX)coreTechnology or Integration · 26 September 2023ACX serves as the technology provider for Indonesia's official carbon exchange (IDXCarbon), hosted and operated by the Indonesia Stock Exchange. The platform was customized to meet Indonesian regulatory requirements and integrated with the National Registry System for Climate Change Control.
• Athens Stock Exchange (ATHEX)coreStrategic or Co-development Partner · 19 September 2023ACX partnered with the Athens Stock Exchange to develop Greece's Voluntary Carbon Market, representing ACX's first base in continental Europe. The partnership combines ACX's digital exchange platform with ATHEX's EU-regulated infrastructure.
• SSY FuturesminorChannel Partner/ Reseller/ Distributor · 25 July 2023SSY Futures, a prominent commodity broker, facilitated the first trade entry and settlement through the ACX Block Portal, completing OTC settlement in 3 working days instead of the typical 2 weeks to 2 months.
• CercarbonominorStrategic or Co-development Partner · 11 July 2023Cercarbono partnered with ACX and EcoRegistry to promote carbon offsetting and develop the use of carbon credits for regional carbon taxes, leveraging Cercarbono's expertise from Colombia's carbon tax approach.
• Rebound Ltd. and BioeconomyminorStrategic or Co-development Partner · 11 July 2023Rebound Ltd., Bioeconomy, and ACX signed an MOU forming a Net-Zero Carbon and Plastics Alliance, combining expertise to address carbon and plastic waste challenges.
• Carbon Offset Certification (COC)minorStrategic or Co-development Partner · 30 May 2023ACX collaborated with Carbon Offset Certification, a Swiss-based certification protocol for carbon neutral commodity transactions, to support the commodity industry in its journey to carbon neutrality through credible environmental claims certification.
• Natural Capital Credit Consortium (NCCC)coreStrategic or Co-development Partner · 12 April 2023ACX Group signed an MOU with Japan's NCCC to collaborate on accelerating Japanese companies' decarbonization strategy and expanding the carbon ecosystem in Japan, including carbon farming and blue ocean industries.
• StoneXminorStrategic or Co-development Partner · 22 March 2023StoneX and ACX collaborated to create a U.S. Digital Carbon Marketplace, further affirming StoneX's commitment to bringing liquidity and transparency to carbon trading.
• C-Quest CapitalminorStrategic or Co-development Partner · 12 October 2022ACX partnered with C-Quest Capital, the world's leading carbon project developer, for the first-ever auction of LED carbon credits (300,000 credits from efficient lighting projects in India), expanding awareness of different carbon project types.
• Nairobi International Financial Centre (NIFC) and Nairobi Securities ExchangeminorStrategic or Co-development Partner · 6 July 2022ACX signed a collaboration agreement with NIFC and the Nairobi Securities Exchange to establish carbon market infrastructure in Kenya, supporting Africa's participation in voluntary carbon markets.
• SATAVIAminorStrategic or Co-development Partner · 22 April 2022SATAVIA partnered with ACX to conduct the world's first carbon trade arising from aviation's non-CO2 impacts, expanding ACX's addressable market to include novel environmental instruments.
• CarbonXcoreStrategic or Co-development Partner · 28 March 2022ACX signed an MOU with CarbonX, an Indonesian high-impact carbon asset developer, to jointly develop a carbon marketplace in Indonesia, providing Indonesian project developers with access to ACX's international client order book.
• Abu Dhabi Global Market (ADGM)coreStrategic or Co-development Partner · 24 February 2022ACX collaborated with ADGM to achieve the world's first carbon-neutral international financial centre. ADGM became the first jurisdiction globally to regulate carbon credits as financial instruments, enabling ACX to establish the world's first regulated carbon exchange and clearing house.
• UNFCCC (United Nations Framework Convention on Climate Change)coreStrategic or Co-development Partner · 12 January 2022UNFCCC partnered with ACX to promote carbon offsetting via UNFCCC Certified Emission Reductions (CERs), allowing clients from 30 countries to purchase and retire CERs. ACX became the second exchange globally and first in MENA to list CERs from the UNFCCC Clean Development Mechanism registry.
• Net Zero Markets and EEXminorStrategic or Co-development Partner · 11 January 2022Net Zero Markets launched a Global Carbon Emission Reduction contract in partnership with EEX and ACX, expanding the range of standardized carbon instruments available on ACX's platform.
• C-Quest Capital (Household Offset Token)minorStrategic or Co-development Partner · 15 November 2021ACX launched the Household Offset Token (HOT) creating a new benchmark price for carbon credits generated from cookstove projects, expanding the range of standardized carbon instruments available.
• Government of Rio de JaneirocoreStrategic or Co-development Partner · 22 June 2021ACX worked with Rio de Janeiro to establish a Voluntary Carbon Credit Marketplace in Brazil, hosting the world's first auction of micromobility carbon credits from Rio's bike sharing scheme (Tembici partnership).
• BeZero CarboncoreTechnology or Integration · 12 April 2021ACX partnered with BeZero Carbon to develop an API that streams the BeZero Carbon Offset Rating live to the ACX platform. The BeZero Rating (A+ to C) provides top-down quality assessments for all listed projects, enhancing market transparency.
• Viridios CapitalcoreStrategic or Co-development Partner · 25 January 2021Viridios Capital and ACX securitized 500,000 tonnes of CORSIA eligible carbon credits into the world's first CORSIA Eligible carbon Tokens (CET). Viridios uses proprietary AI technology for post-trading valuation, portfolio construction, and risk management of carbon offsets.
• BSI (British Standards Institution)coreTechnology or Integration · 21 December 2020BSI, the first national standards body and founding member of ISO, partnered with ACX to independently verify carbon credits on the exchange. BSI's verification adds a second layer of assurance for credits onboarded, assessing risks of material discrepancies and ensuring conformance to ACX token specifications.
• InterWork Alliance (IWA)minorStrategic or Co-development Partner · 13 December 2020ACX joined the InterWork Alliance, a platform-neutral non-profit organization creating standards frameworks for token-enabled ecosystems. ACX participates in IWA's Sustainability and DLT Security Working Groups to help set standards for tokenizing carbon credits.
• TradeFlow Capital ManagementminorStrategic or Co-development Partner · 7 December 2020TradeFlow launched its Climate Impact Strategy partnering with ACX to offset millions of tons of CO2 from international commodity transactions. ACX's securitization of carbon into tradable securities allows TradeFlow to attach carbon offsets to commodities in their supply chain.
• International Chamber of Commerce (ICC)minorStrategic or Co-development Partner · 10 December 2019ICC, Perlin, and AirCarbon formed a partnership at COP25 in Madrid to customize AirCarbon's blockchain-based carbon trading platform to facilitate carbon credit schemes to reduce worldwide aviation emissions, supporting CORSIA implementation.
• Enterprise SingaporecoreStrategic or Co-development Partner · 10 December 2019Enterprise Singapore, the government agency championing enterprise development, approached ACX's founders in 2018 to discuss launching a digital carbon exchange in Singapore, leading to the founding of AirCarbon Exchange in 2019.

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Climate Impact X (CIX): Singapore-headquartered digital carbon exchange jointly launched by DBS, SGX, Standard Chartered and Temasek. Operates spot and futures carbon trading with similar exchange-based model and institutional focus as ACX, making it the most direct regional competitor.
• Carbonplace: Digital carbon marketplace founded by major banks (Standard Chartered, BBVA, Banco Santander, Itaú, Natixis, SMBC). Targets the same institutional and corporate carbon offset buyers as ACX with a bank-led distribution model, making it a direct competitor in the standardized trading segment.
• Verra: Operator of the world's leading carbon credit standard (VCS) and registry. While primarily a standards body, Verra's registry issuance decisions shape supply that flows through ACX and other exchanges, putting it in direct tension and partnership with ACX on the same voluntary market infrastructure.
• Xpansiv (formerly CBL): Global environmental commodities exchange operator that acquired CBL, the longest-running carbon spot exchange. Operates CBL Spot Exchange for carbon and other environmental commodities, directly competing with ACX for institutional carbon trading volumes globally.
• Gold Standard: Major carbon credit standard setter focused on high-integrity offsets, with its own registry. Competes with Verra and ACX-adjacent projects for buyer attention, and partners with exchanges to list Gold Standard-certified credits in a similar dynamic to ACX's standard partnerships.
• European Energy Exchange (EEX): Leipzig-based exchange operating primary and secondary carbon markets including EEX EUA spot/futures and voluntary carbon contracts. ACX partnered with EEX on the Net Zero Markets Global Carbon Emission Reduction contract, indicating both competition and collaboration in standardized carbon products.

Broad incumbents

• Intercontinental Exchange (ICE): Major global exchange operator running ICE EUA/UKA futures and other environmental derivatives. Enters ACX's addressable market through regulated derivatives and brings deep institutional liquidity, presenting a formidable incumbent threat to ACX's regulated venue ambitions.
• CME Group: Largest US derivatives exchange operator with growing carbon product offerings (including CBL-derived GEO/N-GEO contracts). As a global incumbent with massive liquidity and capital base, CME represents a structural competitive risk if it expands further into voluntary carbon markets.

Emerging players

• Pachama: AI-driven digital carbon marketplace focused on high-quality nature-based credits with ML-based project verification. Operates a more curated, quality-first marketplace model compared to ACX's full-exchange approach, competing for institutional and corporate net-zero buyers.

Others

• South Pole: Global carbon consultancy and project developer that executes OTC transactions on ACX's platform (including the first OTC trade on ACX's Carbon Market Board in ADGM). Functions as an adjacent ecosystem participant: project developer, intermediary, and major buyer-side counterparty rather than a direct exchange competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ACX