By Staff Reporter
May 28, 2021
Hong Kong-based crypto exchange Crypto.com, which serves 10mn customers with the world’s fastest-growing app, today announced an ambitious goal of becoming carbon negative within 18 months. Crypto.com commits to offsetting more carbon than is generated by all activities across the organization through a multi-phased approach, according to a statement.
“The climate crisis is the most pressing issue of our time” said Kris Marszalek, co-founder and CEO of Crypto.com, “Committing to becoming a carbon negative company is just the beginning of our efforts. As we further invest in building out the Crypto.org Chain Ecosystem we will offer the industry a path towards clean crypto.”
Starting immediately, the first phase will focus on an assessment of the carbon generated through cryptocurrency trading, deposit and withdrawal activities across all of Crypto.com’s platforms (App, Exchange, NFT, DeFi, and Crypto.org Chain).
The second phase will identify the most effective ways to offset the carbon generated, with the support of accredited organizations specializing in carbon offsetting and sequestration.
The third phase will focus on the carbon generated through all of the business activities conducted by Crypto.com which fall outside of trading (eg: marketing activities, work-place services, business travel, etc).
Once the assessment is complete, these figures will be incorporated into Crypto.com’s carbon offsetting and sequestration program which will offset more carbon than is generated. A third-party auditor will be retained to offer accountability to Crypto.com’s customers and the broader public. All three phases will be completed within 18 months.
Committing to becoming carbon negative is the latest step Crypto.com has taken on the path towards addressing the climate crisis. In March 2021, after more than two years of research and development, the Crypto.org Chain was released to the public. A fully decentralized blockchain, the Crypto.org Chain is built on the Proof of Stake (PoS) model, which is >90% more energy efficient than Proof of Work (PoW) blockchains. The first two use cases to be released in Q2 2021 include emission-free NFT Minting, and support for migration of Ethereum (PoW) based protocols via the Crypto.org Ethereum Virtual Machine (EVM) Chain.
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