Skybridge Capital, a worldwide multi-asset investment business that has filed for Bitcoin and Ether ETFs, has teamed up with Moss Earth to offset the carbon footprint of its Bitcoin holdings.
SkyBridge Capital, a global investment organization, has teamed with MOSS Earth, a carbon credit supplier, to purchase about 38,436 tons of tokenized carbon offsets.
The company purchased carbon credits to offset about 38,436 tons of CO2. The investment firm has joined a growing list of crypto platforms that have purchased millions of dollars in carbon credits to ensure that Bitcoin is a green investment.
The move, according to Anthony Scaramucci, Founder and Managing Partner of SkyBridge, is aimed to ensure that ESG-conscious investors don’t shy away from Bitcoin. “, he explained.
“We project that bitcoin mining will be fully renewable by the end of the decade. In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”
MOSS is a reputable name in the voluntary carbon offset market, and One River, another Bitcoin institutional fund, offered MOSS to Skybridge.
To calculate the amount of carbon footprint left by the investment firm, MOSS used a conservative formula. Skybridge’s carbon offset scheme, according to MOSS, is the largest ever undertaken by an institutional investor.
SkyBridge joins the likes of crypto exchanges FTX, Gemini, and BitMEX in purchasing carbon offsets to lessen their environmental footprint this year.
Following Elon Musk’s May revelation that Tesla would stop taking BTC payments until the mining industry can demonstrate it is verifiably sustainable, environmental worries have impeded crypto’s narrative in 2021.
According to research issued on July 2 by the Bitcoin Mining Council, the worldwide Bitcoin mining business reached a 56 percent sustainable power mix in Q2.
The poll, however, consisted of only three questions and relied on voluntary and self-reported replies from 32 percent of the network’s miners.