Pledge, a fundraising platform for crypto donations, has introduced a carbon offset initiative.
It says that as the mining process connected to how cryptocurrency is logged on the blockchain uses significant energy and contributes to global carbon emissions, every pledge made to a non-profit through PledgeCrypto will support carbon offset projects.
“At Pledge, we fundamentally believe that unlocking crypto donations will provide an abundant new source of funding for nonprofits around the globe, but the process needs to be done in a sustainable way,” said CEO James Citron.
“Inspired by our core values of care and community, we wanted to respond to environmental concerns about crypto, which is why we are proud to lead with the first-of-its-kind patent-pending invention to ensure that every crypto transaction through Pledge will support UN-verified projects.
“This ensures that PledgeCrypto will not only be the most accessible way for donors to donate their digital assets and for nonprofits to receive them, but also in the most environmentally conscious way in the industry.”
It has evaluated eight of the most used cryptocurrencies to quantify the emissions associated with a single transaction. Taking into account where the cryptos are purchased and other factors such as transaction volume, it estimates that roughly every 100 donations will generate approximately 2.6 tons of carbon dioxide (CO2) emissions.
To compensate for this environmental impact, Pledge will cover 100% of the carbon footprint of each donation transaction at no additional cost to donors or nonprofits using the platform.