Built for Virginia. Proven everywhere.

Virginia, 2025

A Commonwealth of Virginia public procurement asked: how do you bring transparency and improve the efficiency of mitigation credit markets? Our answer was to extend our proven blockchain platform to issue and manage wetland, stream, and nutrient credits.

We won the competitive procurement, and the Stream, Wetland, and Nutrient Credit Exchange (SWaN) went live on December 15, 2025.

Before SWaN, Virginia's mitigation credit market faced fragmented recordkeeping, opaque transactions, and a reliance on paperwork and intermediaries for trust. Developers needed credits. Banks needed assurance. Regulators needed oversight — but the infrastructure to connect them reliably didn't exist.

SWaN changed that. Built on Water Ledger's immutable ledger technology, it created a single source of truth for Virginia's mitigation credit market — from credit generation at approved banks, through every transaction, to final retirement.

Global context

Water Ledger began in Brisbane in 2016, when an Australian government innovation challenge asked how to bring transparency to water markets. We discovered that trading works fine if you're big enough to play the game — everyone else is just along for the ride. That realisation shifted our focus to solving the foundational problem: water accounting that doesn't rely on spreadsheets.

Today, Water Ledger is a global company headquartered in Ireland, with operations across Europe, Australia, South Africa, and the USA — helping customers account for water, trade mitigation credits, and invest with confidence.

What success looks like