SkyBridge Resources has acquired 38,436 tons of tokenized carbon offsets.
Worldwide investment firm SkyBridge Capital has partnered with carbon credit provider MOSS Earth to purchase tokens presenting 38,436 tons of carbon offsets.
SkyBridge introduced the move on August 2, with owner Anthony Scaramucci forecasting that the Bitcoin mining market “will certainly be renewable by the end of the years.” Meanwhile, Scaramucci thinks carbon offsets offer an “effective” source for the field to enhance its ecological impact:
In the interim, carbon offsets represent an effective way to green the Bitcoin network and facilitate adoption by ESG-minded investors.
SkyBridge is an institutional asset supervisor that gives exposure to BTC using fund products. The firm likewise has a pending application for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Compensation.
MOSS Earth is an environmental tech company that supplies carbon credit-backed “MCO2” tokens for balancing out greenhouse exhausts. As part of the partnership, SkyBridge used a “traditional” estimate to determine the carbon footprint associated with its Bitcoin holdings.
Moss sources carbon credits from individually validated projects such as Vera who fights deforestation in the Amazon Rainforest, and also resource their environmental initiatives via the sale of carbon credits.
SkyBridge signs up with numerous crypto companies that have purchased carbon offsets to minimize their environmental footprint this year, consisting of crypto exchanges FTX, Gemini, and BitMEX.
Ecological issues have interfered with crypto’s narrative in 2021 following Elon Musk’s May statement that Tesla would stop accepting BTC payments until the mining market can demonstrate it is verifiably sustainable.
Research published by the Bitcoin Mining Council on July 2 estimated that the worldwide Bitcoin mining industry reached a 56% sustainable power mix in Q2. Nonetheless, the study was based on just three inquiries and relied on voluntary and self-reported reactions from 32% of miners on the network.
