Transactions Carried out in its Platform
In partnership with Moss.Earth, Bitso takes the first step towards a larger sustainability strategy to address the environmental impacts of the crypto industry
The greenhouse gas emissions for each of those transactions Bitso processes will be offset via the acquisition of credits from conservation projects in the Amazon Forest in Brazil.
April 22, 2022 — Bitso, the leading cryptocurrency platform in Latin America, with more than 4 million users, is honoring Earth Day by partnering with the world’s largest carbon offset platform, Moss.Earth. Through the partnership, Moss will offset all carbon emissions produced by all bitcoin and ERC-20 token transactions on Bitso, including ether, Tether, Chainlink, and Shiba Inu. This initiative marks the beginning of Bitso’s larger climate initiative aimed at supporting sustainable growth in the region.
According to a University of Cambridge analysis, Bitcoin energy consumption increased almost 62-fold between 2015 and March of 2021. While estimates point to 39 to 73 percent of this energy being produced through renewable sources, there remains a lot of work for the crypto community to offset its environmental impact.
“As crypto adoption increases throughout the world, it’s imperative that we address environmental impacts.” By partnering with Moss – a company at the cutting edge of blockchain and sustainability – we’re demonstrating to the larger crypto community that innovation and environmental responsibility can and should co-exist,” said Felipe Vallejo Dabdoub, Chief Corporate & Regulatory Officer at Bitso. “We are really proud to announce that as of today, all our clients’ BTC and ERC-20 token transactions in Bitso won’t impact the environment, and moreover will help contribute to conservation projects in the Amazon rainforest.”
For each transaction that Bitso processes, in any of the countries in which Bitso operates, Moss will measure the equivalent carbon footprint, and via the acquisition of credits from conservation projects in the Amazon Forest, will offset the greenhouse gas emissions. According to Moss’ projections, Bitso’s partnership will save around 342 thousand trees in the Amazon, offsetting approximately 5283 tons of carbon dioxide. Each MCO2 token is equivalent to a single carbon credit – one ton of carbon dioxide that is no longer emitted into the atmosphere thanks to initiatives that are part of the REDD and REDD+ mechanism (Reducing Emissions from Deforestation and Forest Degradation added to the conservation of the territory).
“We’re proud to partner with Bitso, an important leader within the digital currency space”, said Luis Felipe Adaime, CEO and Founder of Moss. “Our hope is that other projects within the space will follow suit to offset their carbon footprint.”
Moss was established in 2020 to provide individuals and businesses with blockchain-based avenues for combating climate change. As the first company to tokenize carbon credits and the issuer of the world’s first and most liquid carbon credit token, MCO2, Moss allows individuals to purchase and trade carbon credits. Recently, the organization also began offering tokenized governance and economic rights to small forest areas in the form of NFTs. Now, in partnering with Bitso, Moss is creating a replicable framework that future exchanges can follow to offset the carbon emissions produced by transactions on their platforms.