The Canadian bank, Brazil’s Itaú Unibanco, National Australia Bank and U.K.-based NatWest Group will pilot Project Carbon— a blockchain-based marketplace for businesses to buy and sell offsets to compensate for carbon emissions—starting in August. (The Logic)

Talking point: While some international financial institutions now allow clients to hold and trade cryptocurrencies, Canada’s major banks have taken a conservative approach to the space. The carbon-offset pilot project—along with previous initiatives by CIBC and other large Canadian banks in identity verification and loyalty programs—demonstrates they’re not rejecting blockchain technology entirely, however. The project will run on a “private Ethereum platform,” with CIBC saying the blockchain will make the marketplace more transparent and efficient.