Canadian firm to plant trees to offset carbon footprint of Bitcoin ETF

Accelerate Financial Technologies has pledged to plant 3,450 trees for every CAD 1 million ($790,000) invested in its carbon-negative Bitcoin ETF ETF. This will reduce CO₂ emissions by 1,000 tonnes, Bloomberg.

The initiative will be implemented in partnership with H3M Environmental, which specialises in environmental planning and land reclamation.

The company aims to shift perceptions of Bitcoin’s environmental footprint and to meet investors’ ESG requirements.

“Tree planting is tangible, unlike carbon credits.”, said Julian Klimochko, founder of Accelerate Financial Technologies.

The exchange-traded fund launched by the company based on the first cryptocurrency has received regulatory approval from Canadian regulators. Trading will begin on August 31.

In August, SkyBridge Capital entered into a partnership with MOSS Earth to purchase and immediately retire tokens representing about 38,436 tonnes of CO₂.

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