Crypto wallet and payment platform Zumo has unveiled a pilot renewable energy purchase program aimed at making the crypto sector more sustainable.
The Zero Hero pilot renewable energy purchase program will enable users who buy Bitcoin via Zumo to receive a guarantee that any electricity consumption linked with creating that Bitcoin is compensated through verified renewable energy certificates that are recorded on the blockchain transparently.
Renewable energy certificates will be obtained from certain areas around the world that are either heavily dependent on fossil fuels or are known as key locations of Bitcoin mining operations.
The technology underpinning the project will be provided by Zero, which is an early-stage blockchain-based technology from Energy Web. Zero is focused on opening up access to renewable energy markets globally by bringing together renewable energy suppliers and purchasers through an open and transparent digital solution.
Zumo environmental and sustainability adviser Kirsteen Harrison said, “We believe crypto and the blockchain will help generations regain control over their financial futures – but we don’t believe that should come at the cost of the planet. As our industry matures, we have the unique opportunity to ensure we develop the products and behaviours that will help the future of our Earth. And we’re determined to play our part in setting a positive example and showcasing what industry-wide decarbonisation could look like.
“Of course, it’s only a part of the puzzle. Miners, platforms, users – we’re all going to have to pull together on this, which is why we continue to work closely with our partners and the wider industry to deliver the transformational change we all know will be required to meet our ambitious net zero targets.”
Energy Web global markets lead Doug Miller added, “It has been a pleasure to collaborate with Zumo to advance the objectives of the Crypto Climate Accord. The Zero Hero project trial offers the crypto industry an exciting showcase of a crypto exchange powering the energy use associated with its bitcoin holdings with renewables and proving its decarbonization on-chain for Zumo users in order to meet growing demands among regulators, investors, and wider public for verifiable environmental credentials.”
Copyright © 2021 RegTech Analyst
Copyright © 2018 RegTech Analyst