A new digital currency, Toco, aims to disrupt the crypto world by tackling one of its dirtiest secrets.
Launched by a Swiss-South African startup, Toco bills itself as "a monetary system that places value on the environment." It does so by backing each coin with carbon credits from the Carbon Reserve.
As Euronews Next reported, each Toco is worth about $28. When a user purchases Toco, the Carbon Reserve uses that money to purchase carbon removal certificates, which act as proof that carbon has been removed from the atmosphere through projects like forests or renewable energy.
"Those assets then form the underlying value that backs up the currency in circulation," Toco co-founder Paul Rowett told Euronews Next.
The currency can then be used in certain shops and restaurants — currently in a handful of locations in Switzerland and Denmark — or can be transferred into another account.
"We specifically chose that route so we could create a consistent demand in the carbon markets, so that the magic of an individual going and paying for their lunch in Toco and creating demand for decarbonisation is quite a magical concept," Rowett told Euronews Next.
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Toco officials say the currency uses a permissioned, centralized blockchain that keeps users' money safe while allowing for transparency in its transactions.
The idea behind Toco is particularly important, given the surprising amount of energy used by cryptocurrencies.
Mining cryptocurrencies — Bitcoin, in particular — uses a massive amount of energy. Depending on the energy source powering the computers doing this mining, this can release huge amounts of polluting gases into the environment.
A 2024 study found that "the Bitcoin mining network alone has consumed electricity comparable to that of several major countries worldwide."
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Definitely 👍 Even though Toco is only available for use in parts of Switzerland and Denmark, users throughout many other parts of Europe can invest in the currency. It is not yet available for investment in the United States, although interested parties can express their interest on Toco's website.
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