SkyBridge buys tokens for 38,500 tons of carbon offset

The global investment company SkyBridge Capital has teamed up with emissions certificate provider MOSS Earth to buy tokens for 38,436 tons of CO2 offsetting.

SkyBridge announced the operation on August 2nd, and its founder, Anthony Scaramucci predicted that the bitcoin mining industry “will be fully renewable by the end of the decade”. For his part, Scaramucci believes that carbon offsets are an “effective” means for the sector to improve its carbon footprint:

“In the meantime, carbon offsets are an effective way of making the Bitcoin network greener and making it easier for ESG-minded investors to adopt.”

SkyBridge is an institutional asset manager that offers exposure to BTC through fund products. The company also has a pending application for a Bitcoin Exchange Traded Fund (ETF) with the US Securities and Exchange Commission.

SkyBridge buys tokens for 38,500 tons of carbon offset
SkyBridge buys tokens for 38,500 tons of carbon offset

MOSS Earth is an air conditioning technology company that provides “MCO2” tokens backed by carbon credits to offset greenhouse gas emissions. As part of the partnership, SkyBridge used a “conservative” estimate to determine the carbon footprint associated with its Bitcoin holdings.

Moss gets CO2 credits from independently verified projects like Vera, which combats deforestation in the Amazon rainforest and funds its environmental initiatives through the sale of emissions certificates.

SkyBridge joins several cryptocurrency companies that earned carbon credits this year to help reduce their environmental footprint. including cryptocurrency exchanges FTX, Gemini and BitMEX.

Environmental concerns have hampered the adoption of cryptocurrencies in 2021 following Elon Musk’s announcement in May that Tesla will no longer accept payments in BTC until the mining sector can demonstrate that it is demonstrably sustainable.

A study published July 2 by the Bitcoin Mining Council estimated this the global bitcoin mining sector achieved a sustainable energy mix of 56% in the second quarter of 2021. However, the study was based on only three questions and relied on the voluntary and self-declared responses from 32% of the miners on the network.

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