Digital Assets: Canadian Fintech Mogo Launches World’s First Net-Green Bitcoin

https://dailyalts.com/wp-content/uploads/2021/10/flowers-g866b12a8c_640.jpg

Mogo will plant trees for every bitcoin purchased on its platform.

Canadian fintech Mogo Inc (NASDAQ:MOGO) pioneered MogoCard, the Mogo Visa Platinum Prepaid Card that is climate-friendly because every time the card is used, a carbon-sucking tree gets planted for free. The company is extending that concept to transforming bitcoin, a cryptocurrency noted for its emission-intensive ‘mining’ process, into “green,” or carbon-positive bitcoin, a world-first. (CROWDFUND INSIDER)

For every bitcoin purchased through its platform, the fintech will plant enough trees to completely offset the CO2 emissions produced by mining that bitcoin —and then some. It will also apply the tree-planting to bitcoin already held by its users.

Mogo: Helping address climate concerns around bitcoin

Mogo’s mission is to let more Canadian’s participate in the booming digital assets and crypto space by alleviating their concerns surrounding the adverse climatic impact from the energy used for mining bitcoin.

“Bitcoin is the best performing asset class of the past decade with massive inflows of capital daily,” said David Feller, CEO. “But the tremendous potential of bitcoin is hindered by its environmental impact; the emissions created by mining are among the greatest problems facing this asset class today.

According to the company, for each bitcoin mined, an estimated 421,000 lbs of CO2 emissions are released into Earth’s atmosphere.

The solution

“To address the magnitude of this problem, Mogo will plant trees to offset 500,000 lbs of CO2 for each bitcoin on its platform,” the company said in a statement. “This action offsets 79,000 lbs of CO2 more than is produced by mining each bitcoin, and effectively turns a Mogo bitcoin investment into climate action.”

“By launching ‘green’ bitcoin, we’ve made buying bitcoin good for the planet and arguably one of the most ESG-oriented investments anyone can make,” added Feller.

Related Story: Accelerate’s Carbon-Negative Bitcoin ETF

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/11/hand-plus-btc-plus-india-colors.png
Digital Assets: India To Clamp Down On Cryptocurrencies Via Legislation By Year-End
November 24, 2021     Digital Assets, Latest News, News

The legislative agenda for the upcoming winter session of the Lok Sabha, the lower house of India’s parliament, shows that a bill titled “The Cryptocurrency and Regulation of Official Digital…

https://dailyalts.com/wp-content/uploads/2021/11/Klarna-HQ-in-Stockholm-scaled.jpg
FinTech: Klarna Launches “Pay Now” In The US, Klarna Card Soon To Follow
November 24, 2021     FinTech, News

Klarna, the Stockholm-headquartered fintech powerhouse last valued at $45.6 billion, has brought a “Pay Now” offering to consumers at retailers wherever Klarna is accepted. The company also announced a Klarna…

https://dailyalts.com/wp-content/uploads/2021/11/fb-default.b5dd38d9c4194731a32674e7e89fe658.jpg
Venture Capital: Agtech And Farmer-To-Farmer Platform FBN Raises $300M
November 24, 2021     ESG and Sustainability, News, Venture Capital

Farmers Business Network (FBN) is a farmer-to-farmer network launched in 2014 as an information source and for sharing of agronomic precision data. It now has thousands of farmer-members managing millions…

https://dailyalts.com/wp-content/uploads/2021/11/img13-2400.jpg
Venture Capital: Arc, Which Makes $300K Electric Boats, Snags $30M
November 24, 2021     News, Venture Capital

Arc, a startup led by former SpaceX engineers and developing electric boats, announced its $30 million Series A raise led by Greg Reichow, a former Tesla VP of Production, now…