Scottish fintech Zumo gets funding to decarbonise crypto
Scottish Fintech Zumo, just completed its Zero Hero pilot project, a live trial to buy Renewable Energy Certificates to compensate the electricity usage of bitcoin bought via the Zumo app.
During this trial, a total of 850 megawatt-hours of electricity was compensated, the equivalent of an electric vehicle for over three million miles.
This is very important with 84% of customers feeling that the issue of environmental sustainability in crypto paramount and that they are more likely to use a crypto wallet that participate in reducing crypto’s environmental impact.
The results of this trial are available at – ‘Decarbonising Crypto: Towards Practical Solutions’
Innovate UK just awarded Zumo and Zero Labs a grant to further fund research into the decarbonisation of crypto. This RenewableCrypto project starts this month with a clear objective of finding practical ways in which wallets and platforms can scale the use of renewable energy.
Doug Miller, Co-Founder, Zero Labs, said:
“Zumo is demonstrating leadership in the Crypto Climate Accord (CCA) community in two ways: leading dialogues about how to estimate the energy use of BTC holdings and procuring clean energy to power Zumo platform customers’ holdings in a verifiable way. Zero Labs is thrilled to support Zumo with scaling a solution across its growing customer base to increase demand for clean energy around the globe and convert the wider crypto industry into a newfound source of demand for clean energy in voluntary markets.”
Kirsteen Harrison, Environmental and Sustainability Adviser, Zumo, said:
“The results of our Zero Hero pilot project are hugely encouraging, showing both what is possible and a significant appetite from customers for clean energy solutions. But this is just the beginning, and the story can only continue through the collaboration of all market participants – miners, platforms and end users – within the crypto sector. We hope that our new report will help continue to shift the dial from talk towards action.”
“Along with our partners at Zero Labs, we’re aiming to lead this charge and explore new, digital-led solutions that remove practical barriers to voluntary renewables procurement and verifying green credentials. With electricity being the most significant part of crypto’s carbon footprint, we have a unique opportunity as a sector to rapidly decarbonise.”