SkyBridge Capital buys carbon offsets for its Bitcoin holdings

2021-8-3 11:51

The global alternative investment firm struck a deal with Moss Earth which claims to be the world's largest environmental platform

New York-based investment firm SkyBridge Capital has become the latest name to join the growing list of companies aiming for the ‘green’ status. The Anthony Scaramucci-led company announced yesterday that it was looking to offset the carbon of its Bitcoin holdings after inking a partnership deal with environmental platform MOSS Earth.

SkyBridge intended to reduce the carbon volume in the atmosphere and tapped into carbon offsets to achieve this goal. The international investment firm's founder lauded the approach, describing it as a reliable way of making the Bitcoin network green. He also predicted that Bitcoin mining would eventually become fully powered by renewable energy at some point in the future.

"We project that bitcoin mining will be fully renewable by the end of the decade. In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors."

MOSS Earth facilitated the provision of the carbon credits to the investment firm by working out the number of credits needed. Then, carbon credit tokens from MOSS were obtained from other projects sharing the goal of lowering the carbon in the atmosphere. SkyBridge reduced the amount of carbon in the atmosphere by about 38,436 tons after purchasing and retiring an equivalent number of tokens.

Carbon offsetting has become a popular approach as it allows companies to lower their carbon footprint easily. The partnership between the two firms was made possible by One River, another crypto investment platform that has been keen on offsetting its carbon footprint.

Speaking on the matter, MOSS CEO Luis Adaime praised SkyBridge, explaining that the company had set a precedent for other firms. Adaime also stated the deal was one of the biggest and hoped that it would promote the use of renewable energy in Bitcoin mining.

"SkyBridge's initiative to offset the greenhouse gas emissions caused by the bitcoin held by its funds is […] an example to be followed by the investment community."

By completing the move, SkyBridge has made the Bitcoin held across its funds green.

The post SkyBridge Capital buys carbon offsets for its Bitcoin holdings appeared first on Coin Journal.

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