Crypto.com vows to go ‘Carbon Negative’ in next 18 months

The Hong Kong-based crypto platform’s decision comes on the back of renewed fears about Bitcoin’s climatic impact.

Cover art/illustration via CryptoSlate

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Crypto services platform Crypto.com is all set to go ‘Carbon Negative’ in the next 18 months, it said in a blog post earlier today.

The crypto carbon footprint

“Crypto.com is committed to becoming Carbon Negative within the next 18 months. Crypto.com and Crypto.org Chain users can rest assured that we’re building a more sustainable future together,” it wrote in a tweet.

Founded in 2016 in Hong Kong, the firm boasts over 3 million users and is headed by Kris Marszalek. The firm offers wallet, trading, investing, and decentralized finance (DeFi) services to users and has rapidly expanded in the past year.

And with the growth comes concerns of how much damage does any company make on the planet for merely operating. Growth means bigger resources, teams, and processes, all of which indirectly and directly adds to the ‘carbon footprint’—or greenhouse gases (including carbon dioxide and methane) that are generated by human actions.

The above has become a huge environmental concern in recent times, one that Crypto.com is keen to tackle on its part. “Crypto.com commits to offsetting more carbon than is generated by all activities across the organization through a multi-phased approach,” the firm said in a post.

Three phases

Crypto.com aims to offset the footprint over three phases: First, by assessing the total amount of carbon generated via its trading, deposit, and withdrawal activities; Second, by identifying the most effective way to offset the carbon generated; and Third, by identifying and offsetting the carbon footprint generated via all business activities of Crypto.com (such as marketing, travel, work-place services, etc).

“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,” the firm wrote in the regard.

Meanwhile, Marszalek, co-founder and CEO of Crypto.com, said in a statement that going carbon negative was just the beginning of Crypto.com’s efforts to battle environmental damage. 

“The climate crisis is the most pressing issue of our time. 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,” he ended.

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