Winklevoss twins crypto exchange launches Gemini Green to decarbonize Bitcoin
On June 24, Gemini, a digital currency exchange that allows customers to buy, sell, and store cryptocurrencies announced the launch of Gemini Green, a long-term initiative to help bring climate-conscious practices into its business model. To accomplish this, Gemini has teamed up with Climate Vault, a non-profit organization founded by the University of Chicago.
The collaboration aims to reduce the energy consumption of the Bitcoin Network and help decarbonize Bitcoin. As a significant first step on its path to offset its usage, Gemini Green donates funds to pay for permits of nearly 350,000 metric tons of carbon.?
Gemini is on a mission to empower people through virtual currencies in a sustainable way to protect the environment. It is the first cryptocurrency exchange company to offset their carbon emissions.
In this effort, Gemini has spent $4,031,767.35 to purchase carbon permits to offset its usage of the Bitcoin Network and hence reduce carbon footprints. This will prevent 341,965 metric tons of carbon from entering the earth’s atmosphere.
Climate Vault will deploy a three-step approach a unique, verifiable, to offset carbon emissions and ultimately remove CO2 from the atmosphere:
First, Climate Vault uses donations to purchase carbon permits in well-established and closely regulated North American carbon markets.
Then Climate Vault "vaults" these permits, preventing other market participants from using them to emit CO2. Thus, reducing the CO2 allowed under the market's "cap" and making it more expensive for businesses to pollute.
Finally, Climate Vault will use the monetary value of these carbon permits to fund the actual removal of CO2 from the atmosphere by enterprises that are deploying breakthrough carbon dioxide removal (CDR) technologies
Gemini plans to continue to offset its carbon emissions until only renewable energy is used in bitcoin, Chief Executive Officer Tyler Winklevoss said in an interview.
“We want to build a better world” with crypto, Winklevoss said. “It’s also important to be sustainable as we navigate into that vision.”
CBW - External Analyst