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Crypto.com announces its goal of becoming carbon negative

Crypto.com announced an ambitious goal of becoming carbon negative within 18 months yesterday. Crypto.com commits to offsetting more carbon than is generated by all activities across the organization through a multi-phased approach.

Founded in 2016 in Hong Kong, the firm boasts over 3 million users and is headed by Kris Marszalek. The firm offers wallet, trading, investing, and decentralized finance (DeFi) services to users and has rapidly expanded in the past year.

And with the growth comes concerns of how much damage does any company make on the planet for merely operating. Growth means bigger resources, teams, and processes, all of which indirectly and directly adds to the ‘carbon footprint’—or greenhouse gases (including carbon dioxide and methane) that are generated by human actions.

The above has become a huge environmental concern in recent times, one that Crypto.com is keen to tackle on its part. “Crypto.com commits to offsetting more carbon than is generated by all activities across the organization through a multi-phased approach,” the firm said in a post.

Starting immediately, the first phase will focus on an assessment of the carbon generated through cryptocurrency trading, deposit and withdrawal activities across all of Crypto.com’s platforms (App, Exchange, NFT, DeFi, and Crypto.org Chain). The second phase will identify the most effective ways to offset the carbon generated, with the support of accredited organizations specializing in carbon offsetting and sequestration. The third phase will focus on the carbon generated through all of the business activities conducted by Crypto.com which fall outside of trading (eg: marketing activities, work-place services, business travel, etc). Once the assessment is complete, these figures will be incorporated into Crypto.com’s carbon offsetting and sequestration program which will offset more carbon than is generated. A third-party auditor will be retained to offer accountability to Crypto.com’s customers and the broader public. All three phases will be completed within 18 months.

“Crypto.com is committed to becoming Carbon Negative within the next 18 months. Crypto.com and Crypto.org Chain users can rest assured that we’re building a more sustainable future together,” it wrote in a tweet.

Sources: Crypto.com, Cryptoslate