This February, the financial investment group submitted a proposal to Canadian securities authorities for the investment group BTC Exchange Traded Fund.
Accelerate Financial Technologies aims to grow thousands of acres of trees for every investment made in their upcoming BTC ETF.
As per a Bloomberg article published this Friday, the Canadian-based investment solutions firm has committed to growing three thousand four hundred and fifty trees for each 1m Canadian Dollar, about $792k at the period of publishing financing in its BTC ETF.
The project is a segment of Accelerate’s goal of making its BTC Exchange-Traded Fund be carbon negative, which means it will remove more co2 from the air we breathe than the power necessary for digital currency transactions and mining. As per the firm, each big investment will yield a balance of one thousand tonnes of co2.
Accelerate’s CIO, Klymochko, reacted angrily to the notion that the firm’s endeavor was akin to deceptively promoting or greenwashing oneself as eco beneficial. He stated that the company opted to grow trees rather than acquire carbon credits in order to identify the goods as carbon neutral.
Ninepoint Partners LP intends to provide a green BTC Exchange-Traded Fund that appears to be identical to Accelerate’s proposition. This May, the firm announced that it would acquire carbon credits to balance the damaging ecological effect of the digital currency in its investment.
Considering the tech’s significant ecological effect, several organizations in the blockchain and digital currency field, such as mining corporations, have potential policies that use renewable sources. As per BoA experts, Digital currencies energy consumption has grown 200 percent as of 2019 and has been equivalent to something like a modest developed economy. Prominent individuals in the area, like Tesla Chief Executive Officer Elon, have also raised fears over the technology’s expanding dependency on oil and gas.
This February, the investor group submitted a proposal with Canadian financial authorities for its BTC Exchange-Traded Fund. Accelerate intends to launch the merchandise on the TSX employing the symbol ABTC, with units available in both Canadian and the USA’s currency.
Whereas the SEC has not currently decided to allow a digital currency Exchange-Traded Fund in the USA, while the neighboring country Canada’s authorities have already allowed a number of firms seeking ETH and BTC ETFs this year, such as choices from asset manager Purpose Investments, 3iQ, CI Global and Evolve Group.