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Ripple decides to go green and its latest partnership was proof that the platform had taken climate change seriously. This initiative would primarily focus on the carbon footprint caused by the crypto market.
The crypto-verse has managed to garner the attention of the entire globe. While the value of the market had lured in a vast majority of individuals, the impact Bitcoin [BTC] has on the environment drove out quite a few. Elon Musk’s decision of dropping support for BTC was attributed to the damage BTC was doing to the environment.
Despite facing the wrath of the SEC, Ripple has managed to carry on with its functions. The latest news of Ripple signing a deal with Nelnet, a Lincoln-based financial services platform, affirmed that the crypto firm was moving forward untethered.
Ripple hopes to minimize crypto industry’s carbon footprint
In a recent blog post, Nelnet revealed that Ripple had made a strategic ESG investment with Nelnet Renewable Energy. Both these firms had jointly invested about $44 million into Nelnet’s solar energy investment funds.
This project, primarily funded by Ripple hopes to offset about 1.5 million tons of carbon dioxide for about 35 years.
An array of incidents have started to push people towards voicing their beliefs about climate change. Even little kids have begun to realize the hazards of climate change. While every firm has been focusing on going green, Ripple went on to join the list. The firm’s head of social impact, Ken Weber, noted that every industry is currently focused on delivering a clean energy future. Weber further added,
“As the adoption of cryptocurrencies and blockchain continues to grow, it’s evident that the technology will underpin our future financial systems, We’re excited to work with Nelnet as we pursue our commitment to reduce the carbon footprint of financial services globally and to deliver on the promise of a carbon-negative cryptocurrency industry.”
The crypto firm has time and again expressed its desire to protect the environment. The platform is even part of the Crypto Climate Accord which hopes to make the crypto-verse 100% renewable by 2030. Furthermore, this project reportedly aids in decarbonizing crypto.