Major technology and cryptocurrency companies have joined forces to combat the illicit wildlife trade during London Climate Action Week. A business forum convened by Prince William and The Royal Foundation's United for Wildlife saw companies like Google, Meta Platforms Inc., TikTok, and Alibaba Group Holding Ltd pledge to halt trafficking on their platforms.
Blockchain analytics and payment companies, including PayPal Holdings Inc., TRM Labs, Chainalysis, and Luno, committed to disrupting financial flows that support this illicit trade. This commitment is crucial in addressing the estimated $7 billion-23 billion generated each year by wildlife trafficking.
The Global Environment Facility highlights the significance of combating this issue, ranking it alongside narcotics and human trafficking as a major global criminal market. Funds from wildlife trafficking can be easily converted into cryptocurrencies, transferred across borders quickly, and cashed out via exchanges.