Carbon Independent: Leading Cryptocurrency Exchange Goes Green in Australia First

View of large trees from the perspective of the forest floor

Bitcoin wasn’t the only thing going green on Monday, with Independent Reserve—one of Australia’s pioneering, most longest-standing cryptocurrency exchange operators—announcing several initiatives towards carbon neutrality; a first among the 246 cryptocurrency exchanges registered in Australia.

As shared with Nugget’s News on Monday, Independent Reserve recently subscribed to Climeworks to capture one tonne of carbon dioxide (CO2) per year. A technology company headquartered in Zürich, Climeworks uses first-of-its-kind commercial carbon removal technology to capture CO2 from the atmosphere to supply to customers.

“Bitcoin mining used more energy than the whole of Switzerland. These figures are absolutely astounding,” said Independent Reserve founder and chief executive Adrian Przelozny. “As the country’s leading cryptocurrency exchange it’s our duty to take proactive steps to becoming carbon neutral. We’re proud to be the first Australian exchange to take real action on this issue and are committed to increasing our carbon capture program every year.”

Additionally, Independent Reserve said it recently applied to become corporate members of Trillion Trees, a government-sponsored not-for-profit organisation that seeks to improve the health, productivity, and sustainability of degraded land in Western Australia.

Independent Reserve aims to plant two hundred trees in its first year as a Trillion Trees corporate member, it told Nugget’s News. If achieved, this would help reduce CO2 emissions by more than two-and-a-half tonnes per year. The exchange operator—which boasts over 100,000 Australian and New Zealander users and services roughly 8,000 self-managed super funds—is committed to planting hundreds of trees every year to compound its carbon neutralisation efforts.

According to a recent Futerra survey, 88 per cent of consumers want brands to help them live sustainably. This upward-trending figure “certainly rings true for the cryptocurrency industry,” Przelozny commented. “When I speak with customers, the topic of how our industry can better protect the environment and reduce emissions is a common concern.”

Our earth is precious, and every one of us should step up to protect it. As we grow our business, looking at ways in which we can further offset our carbon footprint will be one of my top priorities. – Przelozny

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