Investors are taking a renewed interest in the biggest United States-based cryptocurrency exchange, Coinbase, as the company has gained an increasing interest in environmental issues and sustainability.
According to Carbon Credits, Coinbase's stock has jumped 4.15% in recent weeks, amid excitement about the company's interest in green crypto initiatives. The company plans to add tokenized carbon credits and Environmental, Social, and Governance-aligned digital asset strategies at the same time that corporations and others are more focused on decarbonization.
While the platform doesn't have any obvious green initiatives of its own, Coinbase has been touting a number of carbon-credit tokens that make the credits more transparent, easier to trade, and improve trust in their validity.
The company has also started to focus more heavily on reporting on the carbon footprints of many of the coins it platforms, allowing consumers to make more ethical decisions around their investments.
The moves come as the cryptocurrency industry continues to draw criticism and scrutiny for its carbon footprint and environmental impact. Traditional mining for cryptocurrency requires massive amounts of power and water to keep the computer systems cool in the process, and the sources of that energy are dirty in many cases.
In 2024, the International Monetary Fund reported that crypto and data centers were responsible for 2% of global energy usage, a percentage that was expected to continue to grow. The IMF also noted that crypto mining relied heavily on oil and gas power for its centers, which adds even more pollution to the environment.
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However, companies are trying to more ethically source their cryptocurrency; for example, a clean energy company in Canada has invested in a solar farm to help power its foray into digital currency.
But Coinbase's focus shifting toward more green initiatives is a sign to the industry and its investors that the future of cryptocurrency is green, ethically produced, and sourced cryptocurrency, rather than more traditional means of acquiring the digital currency.
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