Peer Energy estimates that although a Bitcoin transaction costs the user only USD 7, the carbon cost is USD 45. A Bitcoin block that may generate USD 200,000 in mining reward at current prices also entails a shocking USD 166,000 energy cost.
AlgoTrader has formed a partnership with Peer Energy to develop carbon-compensated crypto trading for banking clients, resulting in the Green Bitcoin Wallet.
The team-up between the institutional-grade digital assets trading technology firm and the ESG innovator takes the digital asset ecosystem further in the quest for sustainability, combining revenue and ESG efforts for banks
The Green Bitcoin Wallet is designed to enable banks to expand their revenue base while boosting their environmental footprint. The partnership takes the digital asset ecosystem further in the quest for sustainability.
The project succeeded at the accelerator program run by BLKB and Venturelab as the Swiss bank was looking for new revenue streams while underscoring its commitment to sustainability and innovation.
AlgoTrader founder and CEO Andy Flury said: “The market is ripe for client-focused offerings that foreground sustainability. Banks that can give retail customers easy-to-use tools to access digital asset trading will be one step ahead as the sector expands, broadening their revenue base and building their reputation for innovation. Ensuring that environmental concerns are not neglected is a crucial part of meeting the expectations of clients as well as regulators.”
Peer Energy CEO Robert Bühler said: “We are excited to have AlgoTrader joining our war on carbon. Tying our PEP token to crypto transactions means customers can promote renewable energy production and increased efficiency while trading. Sustainability must be fun and convenient.”
How does the Green Bitcoin Wallet work?
The Green Bitcoin Wallet executes carbon compensation through a peer-to-peer network. Peer Energy’s blockchain-based PEP tokens represent carbon which gets programmatically avoided. The money paid for the tokens contributes to local energy transition, efficiency gains, and innovations.
The product’s inherent transparency – tracking each transaction and its corresponding carbon offset – will also comply with ESG reporting standards.
The increased concern about the environmental cost of digital assets has made the Green Bitcoin Wallet even more attractive for the trading industry which is setting foot on the emerging asset class.
Peer Energy estimates that although a Bitcoin transaction costs the user only USD 7, the carbon cost is USD 45. A Bitcoin block that may generate USD 200,000 in mining reward at current prices also entails a shocking USD 166,000 energy cost.
