Winklevoss twins-owned Gemini crypto exchange has purchased $4 million in carbon credits to offset the carbon footprint generated by Bitcoin transactions under its custody. The crypto exchange has also created a subsidiary in the form of Gemini Green in association with a non-profit organization Climate Vault,
Gemini will donate the purchased amount to the climate vault that has purchased the permits, for preventing 341,000 metric tons of carbon from entering the earth’s atmosphere. The decision by Gemini comes amid growing environmental concerns from energy consumption by the Bitcoin network. Winklevoss said,
“We are just playing our part to address the ESG conversation and component of Bitcoin that a lot of people have heard about, and they can come to Gemini and use Gemini Green custody, and they can fulfill their ESG mandates,”
The post Just-In: Gemini Buys $4 Million in Carbon Credits to cut Carbon Footprint of Bitcoin Transactions appeared first on Coingape.
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