Home
News
- In February, the investment firm filed an application with Canadian securities regulators for its Bitcoin ETF
- The company said in May that it would buy carbon credits to offset the environmental impact of the cryptocurrency in its fund
- In February, the investment firm filed an application with Canadian securities regulators for its Bitcoin ETF
In February, the investment firm filed an application with Canadian securities regulators for its Bitcoin ETF. Accelerate Financial Technologies plans to plant thousands of trees for every dollar invested in its forthcoming Bitcoin exchange-traded fund. According to a Friday article from Bloomberg, the Calgary-based investment services firm has vowed to plant 3,450 trees for every $1 million CAD invested in its Bitcoin (BTC) exchange-traded fund, or ETF – around $792,000 at the time of writing.
The goal is to make Bitcoin carbon-free
The move is part of Accelerate’s goal to make its Bitcoin ETF carbon negative, which means it would remove more CO2 from the climate than the energy required for Bitcoin mining and transactions would produce. According to the corporation, each large investment will result in the offset of 1,000 tonnes of CO2.
Julian Klymochko, Accelerate’s chief investment officer, pushed back against the notion that the company’s endeavor was akin to greenwashing or falsely portraying oneself as ecologically benign. He stated that the company decided to plant trees rather than purchase carbon credits in order to designate the product as carbon negative.
Ninepoint Partners LP is going to launch a green Bitcoin ETF that appears to be similar to Accelerate’s proposal. In May, the corporation announced that it will acquire carbon credits to mitigate the fund’s environmental impact.
Crypto organizations are proposing to use renewable s ources
Given concerns about the technology’s potential environmental impact, many crypto and blockchain organizations, including mining companies, have proposed solutions that use green or renewable energy sources. Bitcoin’s energy consumption has climbed 200 percent since 2019, according to Bank of America researchers, and is now similar to that of a small developed country. Tesla CEO Elon Musk, among other prominent people in the industry, has expressed concern over the network’s expanding reliance on fossil fuels.
In February, the investment firm filed an application with Canadian securities regulators for its Bitcoin ETF. Accelerate intends to launch the product under the ticker ABTC on the Toronto Stock Exchange, with units available in both US and Canadian dollars.
While the US Securities and Exchange Commission has yet to approve a crypto ETF, Canadian authorities have given the green light to a slew of firms seeking to launch Bitcoin and Ether ETFs in 2021, including 3iQ, Purpose Investments, Evolve Funds Group, and CI Global Asset Management.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
