Canadian asset manager Purpose Investments yesterday launched two new cryptocurrency-based exchange-trading funds (ETFs) on the Toronto Stock Exchange, both of which offer carbon offsetting to investors. Exchange-traded funds are public trade, limited liability and passively managed investment funds that have many benefits such as performance, versatility and security. Introduced yesterday these also offer a lush and sustainable alternative.
The Toronto-based company has partnered with Patch to help measure the carbon footprint of crypto wallets and provide carbon removal solutions. Measuring the carbon footprint of cryptocurrency mining is not an easy task because there are so many variables, but the company has described its efforts and mathematics in a white paper.
The objective is to invest in controlled carbon offset schemes with the aim of providing carbon neutral exposure to customers BTC. Some of the projects it invests in include direct air capture, biomass, mineralization or carbon dioxide removal, forestry, marine composting and soil management.