Digital payments and financial technology firm Mogo Inc. has created what it’s calling the world’s first official “green” version of bitcoin. The item in question is not necessarily a product, but rather an initiative. For every bitcoin unit purchased through its system, the company will plant trees and work to offset the carbon emissions allegedly caused by bitcoin and crypto mining.
Mogo Is Trying to Make the Crypto World Greener
The argument surrounding bitcoin’s growing carbon levels has taken great precedence in recent months. There have been numerous reports published on the subject, with some claiming that bitcoin mining releases more carbon emissions than entire countries such as Iceland and Argentina. Other documents claim that the carbon footprint of bitcoin mining is larger than the entire city of Las Vegas, Nevada.
Earlier in the year, CEO of Tesla Elon Musk issued a statement that the car company would be permitting individuals to purchase vehicles with bitcoin and other forms of crypto. While the news was exciting for a time, things quickly shifted to an attitude of gloom and doom after Musk rescinded the decision, claiming he couldn’t push the BTC agenda unless emissions went down, and miners were more careful with the energy they used.
Kevin O’Leary of “Shark Tank” fame was also quick to say he wouldn’t be buying any more bitcoin mined in China given that the country was not known for its “green extraction methods.”
Mogo is clearly listening to these arguments and working to prevent this new form of financial technology from wreaking havoc on the planet. Aside from planting trees for every unit bought through its platform, Mogo will also plant trees for every unit of BTC owned by its team members. Before long, there will likely be a new forest on the planet’s surface and Mogo will be responsible for its creation.
David Feller, CEO of the firm, explained in an interview:
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.
A Lot of Growth at Hand
At press time, the global cryptocurrency market exceeds $2.7 trillion. Not too long ago, bitcoin reached a new all-time high of approximately $66,000 per unit, though now it appears some of the hype surrounding the asset has died down, and BTC is trading for just under the $59,000 line.
Based in Canada, Mogo currently boasts more than 1.5 million users. Through the company app, customers can utilize digital currencies to pay for goods and services with a Visa Platinum credit card.