Crypto.com has partnered with Climeworks, a company that specialises in removing carbon dioxide from the atmosphere, for an eight-year agreement to neutralise Crypto.com’s direct carbon emissions. 

This partnership is a first for cryptocurrency platforms and demonstrates Crypto.com’s dedication to investing in new technologies that can reduce carbon emissions and can be expanded.

Crypto.com is utilizing Climeworks’ cutting-edge technology for technological carbon removal to offset their remaining Scope I and II emissions, showing their commitment to achieving global net zero. 

According to the announcement, Crypto.com understands the importance of prioritizing emissions reductions and is also working towards advancing further sustainability and emissions reduction efforts, such as exploring residual and Scope 3 emissions reduction initiatives.

Eric Anziani, President and Chief Operating Officer at Crypto.com, announced the company’s commitment to addressing the pressing issue of climate change and continuously working to improve their efforts.

He also expressed excitement about collaborating with Climeworks, a leader in carbon removal technologies, in order to not only remove their direct carbon emissions, but also help advance these technologies and pave the way for a more sustainable future for the entire industry.

Crypto.com has been working to reduce its carbon footprint since it made its initial climate commitment in 2021. To achieve this goal, the company has collaborated with carbon removal providers, policymakers, and its commercial partners, like Shopify, to evaluate and measure its carbon emissions. 

The exchange has determined that using cutting-edge technology such as direct air capture to remove its direct carbon emissions is the most effective approach.

By committing to technological carbon removal today, companies such as Crypto.com contribute to the scale-up of such solutions. Carbon removal must be scaled to gigaton capacity by mid-century, and this much-needed scale-up is strongly driven by the voluntary carbon market.

While reducing emissions should be prioritized, the Science-Based Targets initiative urges companies to not delay action on scaling carbon removal technologies like direct air capture says Jan Huckfeldt, Chief Commercial Officer at Climeworks.