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There is no denying that the digital asset industry is not as environmentally friendly as we would like it to be. For this reason, many projects have taken steps to reduce their carbon footprint. Prominent crypto exchange, Crypto.com, has signed an eight-year carbon renewal agreement with Climeworks in which it intends to neutralize its direct carbon emissions.
Environmental Sustainability Has Become an Industry Priority
The digital asset industry has for a long time been criticized for its environmental impact have been forced to address these issues. Sustainability has become the goal of many projects and as such many have taken action to reduce their energy consumption. Ethereum, the world’s second-largest cryptocurrency by market cap, last year transitioned from an energy-intensive Proof-of-Work (PoW) consensus mechanism to a much more eco-conscious Proof-of-Stake (PoS) model.
Crypto.com has for a long time been conscious of its environmental impact and is committed to becoming more sustainable. In its efforts to become more sustainable, the company has signed an eight-year carbon renewal agreement with Climeworks. By signing this agreement, Crypto.com intends to neutralize its direct carbon emissions. Climeworks is a Swiss company and leader in the field of carbon dioxide removal using direct air capture technology. Many other major companies such as Shopify, Microsoft, and Stripe have partnered with Climeworks and purchased future carbon removal services from it.
Our commitment to a more sustainable futureððhttps://t.co/vCNztATSCO is taking the next step in its sustainability journey by signing an eight-year carbon renewal agreement with @Climeworks to neutralize our direct carbon emissions— Crypto.com (@cryptocom) January 16, 2023
Learn more:https://t.co/Ya9zZzdPtJ pic.twitter.com/oz5OQfsPyU
President and Chief Operating Officer at Crypto.com, Eric Anziani commented on the company’s latest announcement:
We are committed to addressing the pressing climate challenge and continuously furthering our efforts.
Crypto.com first started its commitment to environmental sustainability in 2021 and has since enlisted the help of several carbon removal providers and policymakers to assess, measure, and determine how to reduce its environmental impact. Since agreeing to this latest endeavour, the company said that it looks forward to addressing its direct carbon emission and it said that ultimately, the aim is to improve the impact of carbon removal technologies by building a more sustainable framework for the entire digital asset industry.
Crypto.com CEO, Kris Marszalek, has underscored the need for a “collaborative” and “multi-sector” approach to address carbon emissions. He conceded that his firm is still in the pre-mature stage of its sustainability journey, but said:
We are still very early in our sustainability journey, and we have observed best practices from partners where investments have had tangible impact on carbon removal. Even in the current market, we consider it to be as important as ever to invest in innovative technologies that will make a positive impact on climate change across our ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.