A canada-based crypto investment company, Accelerate, has declared the launch of the world’s first Carbon-Negative Bitcoin exchange-traded fund (ETF). The cryptocurrency will go by the name of Accelerate Carbon-Negative Bitcoin ETF under the ticker symbol of ‘ABTC’. This eco-friendly unit will also be available for purchase in US dollars as ‘ABTC.U’. ABTC debuted on the Toronto Stock Exchange (TSX) on 31st August 2021.
According to Julian Klymochko, CEO and Founder of Accelerate Financial Technologies Inc., Bitcoin is the future of money. Cryptocurrency units and Blockchain technologies are a boon for society and governance. Bitcoin and other cryptocurrencies offer easy access to a trustable supply of money. This money is truly sovereign and can neither be inflated nor manipulated by the government or central banks. This makes bitcoin a reliable asset from a social point of view.
But there is a catch here. Blockchain technology consumes a lot of energy to run its algorithms. This is harmful to the environment at a time when conservation is the protocol. Accelerate plans to change this by introducing their Carbon-negative Bitcoins.
Method of Decarbonization
To tackle the issue of decarbonization, Accelerate has joined hands with a third party that will plant trees globally. About 10% of ABTC’s management fees will go to Accelerate’s global tree-planting campaign. This means Accelerate will reduce one net ton of carbon dioxide a year for every $1,000 investment made in ABTC. The decarbonization campaign will begin with the planting of mangroves in Madagascar.
Interestingly, Accelerate Financial Technologies Inc. also launched the first bitcoin fund in Canada in 2017.