Tech and crypto firms unite to fight illegal wildlife trade
Tech and crypto firms, including Google, Meta, and PayPal, pledged to disrupt financial flows supporting illegal wildlife trade at Prince William's forum. The illicit trade generates $7 billion-23 billion annually, rivaling major global criminal markets.
*this image is generated using AI for illustrative purposes only.
Major technology and cryptocurrency companies pledged to combat the illegal wildlife trade during London Climate Action Week, according to a report released on Monday. This commitment was made at a business forum convened by Prince William and The Royal Foundation’s United for Wildlife, reported Reuters.
Blockchain analytics and payment companies, including PayPal Holdings Inc., TRM Labs, Chainalysis, and Luno, have committed to “disrupt financial flows” that support this illicit trade. In addition, tech heavyweights such as Alphabet Inc.-owned Google, Meta Platforms Inc., TikTok, and Alibaba Group Holding Ltd pledged to halt trafficking on their platforms.
A Growing Menace
Illicit wildlife trade generates an estimated $7 billion-23 billion each year, according to the Global Environment Facility, placing it among the major global criminal markets alongside narcotics and human trafficking. According to Chainalysis, funds generated by wildlife trafficking can be converted into cryptocurrencies, transferred across borders quickly, and cashed out via exchanges.
| Company | Pledge |
|---|---|
| PayPal Holdings Inc. | Disrupt financial flows |
| TRM Labs | Disrupt financial flows |
| Chainalysis | Disrupt financial flows |
| Luno | Disrupt financial flows |
| Halt trafficking on platforms | |
| Meta Platforms Inc. | Halt trafficking on platforms |
| TikTok | Halt trafficking on platforms |
| Alibaba Group Holding Ltd | Halt trafficking on platforms |
How will the effectiveness of these pledges be measured and reported over time?
What specific technologies will be deployed to detect and block illicit wildlife trade transactions?
Will these commitments lead to increased collaboration with law enforcement agencies globally?
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