Sustainability is slowly becoming the name of the game in the crypto space. Ethereum transitioned to the PoS consensus mechanism last year to reduce its energy consumption and become more environment-friendly.
Other projects from the industry have also been taking action in the same direction. Prominent exchange Crypto.com has remained committed to a more sustainable future for quite some time. Taking another progressive leap, the platform has now signed an eight-year carbon renewal agreement with Climeworks. With this latest agreement, Crypto.com intends to neutralize its direct carbon emissions.
Climeworks, on its part, is a Swiss company known for its carbon dioxide air capture technology. Top companies like Microsoft, Stripe, and Shopify have reportedly tied up with Climeworks and bought future carbon removal services from it.
Crypto.com Is Still “Early” In Its Sustainability Journey
Commenting on the latest development, Eric Anziani, President and Chief Operating Officer at Crypto.com, said,
“We are committed to addressing the pressing climate challenge and continuously furthering our efforts.”
The company is looking forward to removing its direct carbon emissions. Consequently, the objective also remains to help advance the impact of carbon removal technologies by building a more sustainable path for the entire industry.
The platform first announced its climate commitment in 2021. Since then, Crypto.com has engaged with several carbon removal providers, policymakers, and its own commercial partners like Shopify to assess, measure, and determine how to reduce its residual emissions.
Kris Marszalek, CEO of Crypto.com emphasized the need for a “collaborative” and “multi-sector” approach. Highlighting how the company is still in the pre-mature stage of its journey, he 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.”
Crypto.com is not alone in the sustainability journey. Blockchain payment company Ripple partnered with Thallo—a Web3 carbon credit marketplace based on the XRP Ledger—in Q4 last year to take climate action.
Prior to that, it committed $100 million to scale and strengthen global carbon markets, addressing quality and transparency using blockchain and crypto. Furthermore, the blockchain payment firm also signed a Climate Pledge in September 2022. It joined with more than 375 businesses to prioritize the planet with the pledge.