The main intention is to offset the carbon footprint that is associated with BTC. It is the ideal fund for investors that care about the natural environment.
The race for US bitcoin (BTC) ETFs keeps going on and on. This Monday, May 24, there is an announcement claiming that the digital asset hedge fund One River applied to the United States of AmericaSecurities and Exchange Commission (SEC) for permission to release an ETF.
The difference of this new bet from One River, with the other bitcoin funds that are awaiting the SEC, is that it does not follow the price of bitcoin, it instead follows a special index, named MVIS One Carbon Neutral Bitcoin Index. River, the company explains that the index takes into consideration both the price of bitcoin in the markets and the carbon credits.
One River explained that the sole intention is to balance the carbon footprint associated with bitcoin by purchasing and withdrawing the carbon credits necessary to account for the estimated carbon emissions associated with the bitcoins that the fund is currently holding, according to the document delivered to the SEC.
One River joined efforts with MOSS in April; Moss is a carbon credit platform. This union represents a set of financial instruments that will help to create a reduction in the carbon dioxide emissions made by the mining procedures. This move intends to establish order as well as to balance the emissions made elsewhere.
The goal is to allow climate-conscious investors the chance of getting advantages and benefits from exposure to Bitcoin and Ethereum while offsetting their carbon footprint, they stated in a statement.
One River and MCO2 Tokens Purchase
One River also mentions in the announcement an agreement established with a company located in Uruguay, called LIRDES. The association intends to purchase MCO2 tokens that represent certified reductions in greenhouse gas emissions.
One River explained to the SEC that the MCO2 tokens issued by Moss are encrypted and tokenized assets using blockchain and are remaining into a registry managed by Verra, which is an organization that sets and administers standards and programs related to carbon credits.
As highlighted in the document, with each MCO2 token in circulation, a claim can surgeon a certified carbon credit kept in an aggregated group of carbon credits within the Moss account in the Verra Registry.
Bitcoin Miners Propose to Offset CO2 Emissions
After a series of tweets and statements made by the billionaire Elon Musk a few weeks ago about the digital mining of Bitcoin and how these activities create a serious environmental impact, many companies have released interesting proposals that could benefit the environment in parallel with bitcoin mining and marketing.
The company Greenidge Generation announced that, as of June 1, it will compensate 100% of CO2 emissions resulting from Bitcoin mining. In that sense, they indicated that they will buy voluntary carbon offset credits from a portfolio of polluting gas reduction projects.
By: Jenson Nuñez
