Mogo platform pledges to plant trees for every Bitcoin purchased
Bitcoin, which alone accounts for approximately 50% of the $2.7 trillion cryptocurrency market, can still be acquired by investors following the ESG principles by adhering to this kind of initiative.
Mogo has launched “green bitcoin” in a move to strengthen its position in the Canadian cryptocurrency trading market.
Bitcoin has come under fire for years because of the carbon emissions required to keep the network going, but Mogo wants to attract investors into its platform with its environmental pitch.
As part of the initiative, for every bitcoin purchased through its platform, Mogo will plant enough trees to completely offset the CO2 emissions produced by mining that bitcoin — and then some.
Mogo will also offset all bitcoin currently held by members on the platform to demonstrate its commitment to creating a healthier planet.
Bitcoin, which alone accounts for approximately 50% of the $2.7 trillion cryptocurrency market, can still be acquired by investors following the ESG principles by adhering to this kind of initiative.
The environmental impact of Bitcoin has remained a barrier for many investors throughout the years as bitcoin mining uses as much power annually as the entire country of Sweden, thus discouraging many Canadians from adding bitcoin to their portfolios.
Many miners have embraced green energy, but the reality is that in average for each bitcoin mined, an estimated 421,000 lbs of CO2 emissions are released into our atmosphere2.
Mogo plants to plant trees to offset 500,000 lbs of CO2 for each bitcoin on its platform, thus offsetting 79,000 lbs of CO2 more than is produced by mining each bitcoin.
David Feller, Chief Executive Officer of Mogo, said: “Bitcoin is the best performing asset class of the past decade with massive inflows of capital daily. 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. 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.”
This is not the first initiative by Mogo that translates into climate action. The trading platform issued a card in Canada that turns spending into sustainable finance by planting a tree every time card holders use it.
Mogo’s wholly-owned subsidiary Moka is bringing automated, fully-managed flat-fee investing to Canadians from coast to coast to coast.
