- BTCE – ETC Group Physical Bitcoin (BTCE) will be the first Bitcoin exchange traded product (ETP) to offset its carbon footprint
- ETC Group will fund a number of projects to offset all of its bitcoin-related Scope 3 emissions
- BTCE continues to be Europe’s most heavily traded physically-backed Bitcoin ETP
London, 2 July, 2021: ETC Group has today announced that its leading crypto ETP BTCE - ETC Group Physical Bitcoin (BTCE) will be the first Bitcoin ETP to go carbon neutral. ETC Group will offset the carbon footprint of BTCE, its flagship Bitcoin ETP, with hand-selected, high quality carbon credits, compensating for the CO2e emissions associated with BTCE Bitcoin mining and transaction activities. These carbon credits will support projects curated and managed by some of the most respected climate and conservation groups in the world.
This latest innovation follows a series of other world firsts. BTCE rose to prominence when it became the first crypto ETP approved by the German regulator BaFin, and the world’s first centrally cleared crypto exchange traded product when it listed on Germany’s Deutsche Börse XETRA exchange in June 2020. BTCE is Europe’s most heavily traded physically backed Bitcoin ETP.
ETC Group’s co-founder and CEO, Bradley Duke, said:
Companies benefiting from cryptocurrencies like bitcoin are right to take meaningful steps to address climate concerns. We are pleased to see that bitcoin miners are increasingly sourcing renewable electricity, but we at ETC Group feel it’s important to do more and act now. That’s why we have launched our initiative to calculate our bitcoin product’s carbon footprint, and offset it with high quality projects curated and monitored by some of the world’s most respected climate action companies.
ETC Group will fund nature-based, carbon sequestration and renewable energy projects to offset all of its bitcoin-related Scope 3 emissions since the launch of BTCE, and will continue to do so on a quarterly basis. ETC Group also announced that it will join the Crypto Climate Accord, a group that actively seeks to move the entire crypto sector towards low carbon mining and operations, and net zero by 2040.
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- 1Carbon dioxide equivalent” or “CO2e” is a term for describing different greenhouse gases in a common unit. For any quantity and type of greenhouse gas, “CO2e” signifies the amount of CO2 which would have the equivalent global warming impact.
- 2Source: https://www.xetra.com/xetra-en/newsroom/press-releases/list-press-releases/World-s-first-centrally-cleared-Bitcoin-ETN- launched-on-Xetra-2062116
- 3Source: https://www.boerse-frankfurt.de/en/etfs | https://www.hanetf.com/article/740/btcetc-etc-group-physical-bitcoin-btce-is-leading- european-bitcoin-exchange-traded-product-with-45966-million-inflows-in-q1-2021
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