Decarbonising crypto: first connectivity provider to offer offsetting for crypto traders

By Gaia Lamperti

Cryptocurrencies have come under fire this year because of their environmental impact due to crypto mining, the process that keeps them running, requiring huge amounts of energy and generating significant electronic waste.

Yet, the industry is working on solutions to turn digital currencies more mindful and respectful of the environment. Pioneering infrastructure and connectivity provider BSO in partnership with Geneva-based ImpactScope, a social enterprise providing carbon offsetting solutions to digital asset exchanges and crypto mining companies, has become the first connectivity provider to offer clients that trade cryptocurrencies the means to calculate and offset the excess carbon emissions of their operations.

Headquartered in Ireland but with offices all around the world, including London, New York, Paris, Dubai, Hong Kong and Singapore, BSO was founded in 2004 and with a heritage serving the world’s largest financial institutions providing mission-critical infrastructure, including network connectivity, cloud solutions, managed services and hosting, that are specific and dedicated to each customer served.

“In light of recent reports highlighting the climate emergency we are facing, there is a sense of urgency in the industry to change for the better. By partnering with ImpactScope we are able to offer support to our clients in fighting climate change and help them make trading crypto more sustainable,” said Michael Ourabah, CEO of BSO.

ImpactScope is a Geneva-based social enterprise providing sustainability solutions and carbon emissions assessments to digital asset marketplaces, crypto enthusiasts, bitcoin miners, and institutional investors, with the mission of helping decarbonise blockchains and digital assets.

Gregg Betz, Co-founder of ImpactScope added, “We welcome the opportunity to join together with BSO and give players in the crypto and digital assets arena the chance to meet their ESG goals; assessing and subsequently offsetting their crypto carbon footprints. The mission of ImpactScope is to help crypto stakeholders, be they exchanges, end-users, mining pools, or institutional investors, become greener, more sustainable and more aware of the environmental consequences of their actions. BSO is a great partner for us and we look forward to serving and developing the market together. “

BSO’s existing client base has full access to ImpactScope’s suite of solutions and can choose from a variety of geographically diverse offsets verified by Verra and Gold Standard, the world’s leading programmes for the certification of greenhouse gas emissions reduction projects. Other services offered through the partnership include crypto-related ESG reporting and carbon auditing of corporate treasuries for institutional investors holding crypto assets.

The criticism of cryptocurrencies’ energy consumption and their related carbon footprint is a major challenge for all players in the crypto space. While it is being addressed at the corporate level, also new regulations by mandates such as the European Union’s Sustainable Finance Disclosure Regulation (SFDR), which will come into force in January 2022, are bringing change in the sector.

In line with these developments, investors have also been compelled in recent years to seek out additions to their portfolio that not only deliver great returns but are also more socially responsible.