Home Latest SkyBridge buys 38,500 tons of carbon offsets

SkyBridge buys 38,500 tons of carbon offsets

628
0

SkyBridge Capital has partnered with MOSS Earth to purchase and immediately retire tokens representing approximately 38,436 tonnes of carbon. This transaction offset Bitcoin’s alleged historical carbon footprint. Anthony Scaramucci, founder of SkyBridge, said the move designed to ensure that ESG-focused investors don’t shy away from Bitcoin.

SkyBridge is a global alternative investment company with multiple asset classes specializing in hedge fund solutions and opportunistic investment vehicles.

Company operates a pooled fund with multiple strategies and separately managed accounts; Bitcoin and Ethereum funds as well as an equity strategy focused on digital assets; a series of SPVs investing in late-stage private technology companies, and REITs.

SkyBridge Founder and Managing Partner Anthony Scaramucci shared his expectations:

“We predict that the mining of the leading cryptocurrency will be fully renewable by the end of the decade. In the meantime, carbon offset represents an effective way of greening the Bitcoin network and making it easier for ESG investors to adopt”.

ESG is a set of standards that socially conscious investors pay attention to. Includes environmental, social and corporate standards.

How will MOSS Carbon Credits help SkyBridge?

MOSS, contracted by SkyBridge, is a global climate technology and environmental services company. So, in 2020, it created the first carbon credit token, MCO2, used to offset greenhouse gas emissions; already sending over $ 15 million to Amazon. This helped conserve about 800 million trees. The MCO2 token is listed on platforms such as Mercado, Bitcoin, FlowBTC, ProBit, and Uniswap.

A carbon credit is a permit issued to a holding company to emit a certain amount of carbon dioxide or other greenhouse gases.

MOSS operates in the voluntary carbon offset market, which means they receive loans from independently verified projects like Verra. While the process for estimating Bitcoin’s historical carbon footprint is subject to many assumptions and constraints, SkyBridge used a conservative estimate – based on MOSS calculations – to determine the number of tokens needed to offset BTC’s historical greenhouse gas emissions that its funds are currently holding.

Luis Adaime, CEO and founder of the company, notes:

“SkyBridge’s initiative to offset the greenhouse gas emissions caused by Bitcoin held in its funds is likely the largest ever made by an institutional investor and a role model for the investment community. Offsetting Bitcoin’s carbon emissions is an important step towards the right pricing for the planet of electricity use and accelerating the migration of the BTC mining industry to renewable energy sources”.

Recall that the IBM Corporation intends to turn the so-called “carbon footprint” into tokens based on the Stellar distributed ledger technology.

In mid-July, China also issued the first carbon emission quota on the Ant Group blockchain.

Earlier, Scaramucci expressed the opinion that China’s abandonment of mining would help solve the environmental problem of the leading cryptocurrency.

Crypto exchanges actively defend the environmental friendliness of Bitcoin

Crypto exchanges have long decided to make the Bitcoin network a much greener investment option by purchasing carbon credits. So, the Winklevoss twins, who founded the Gemini crypto exchange, became the first crypto platform to buy $ 4 million in carbon credits. FTX also recently announced its intention to buy a million dollars worth of carbon credits. As we can see, Skybridge Capital has joined them.

Previous articleBitcoin outflows from centralized exchanges surge to 100K BTC monthly
Next articleAussie crypto exchange CoinJar partners with Mastercard for crypto cards