Investment firm SkyBridge Capital partnered with carbon provider MOSS Earth to acquire tokens representing 38,436 tonnes of carbon credits.
SkyBridge announced the purchase of tokens this week, and company founder Anthony Scaramucci predicts that the BTC mining industry “will be powered by renewable energy by the end of the decade.” Scaramucci believes that offsetting carbon emissions offers an “effective” tool for the sector to reduce its ecological footprint:
“Carbon offsetting is an effective way to green the Bitcoin network and make it easier for green investors to adopt.”
SkyBridge is an institutional investor asset manager providing access to BTC through the fund’s products. SkyBridge Capital and First Advisors have also filed with the SEC to launch a Bitcoin ETF. MOSS Earth is a technology company that provides carbon-backed MCO2 tokens to offset greenhouse gas emissions. As part of the partnership, SkyBridge used a “conservative” estimate to determine the carbon footprint associated with its BTC holdings.
Moss obtains carbon credits from independently audited projects such as Vera, which are fighting tree deforestation in the Amazon rainforest, and finance their environmental initiatives by selling carbon credits. SkyBridge joins the ranks of cryptocurrency firms that have acquired carbon offsetting to reduce their environmental footprint, including FTX, Gemini, and BitMEX.
Recall that in mid-July, China issued the first carbon emission quota on the Ant Group blockchain.