Crypto wallet and payments platform Zumo has introduced its new decarbonising digital assets solution for financial institutions that prioritise ESG
Scotland-based crypto wallet and payments platform Zumo has launched a decarbonising digital assets solution for ESG-focused financial institutions called Oxygen.
The decarbonising tool aimed at fintechs and financial service organizations was introduced in Amsterdam during the Money 20/20 Europe event.
To create the innovative system, Zumo partnered with a renewable-energy-as-a-service company named Zero Labs, which specialises in programmable decarbonisation technologies. Last year, their joint project received a grant from the UK’s national innovation agency, Innovate UK, to enhance their research efforts and transform them into practical solutions.
Oxygen enables Zumo’s clients, including banks and asset managers, crypto platforms and exchanges, and other fintech companies to provide ESG-aligned digital asset offerings to their end customers and reduce their own carbon footprint. The tool uses standard industry data as well as forecasts of crypto energy consumption to make sure that certain crypto or blockchain activities are transparently and verifiably powered by renewables.
This way, Zumo’s clients get an opportunity to minimise the electricity-based Scope 3 emissions associated with their digital asset offerings. Moreover, they can prove it to end customers with the help of Renewable Energy Certificates (RECs).
Those publicly verifiable proofs of a company’s climate action might make a big difference for environmentally-conscious clients who highly value ESG principles. Focus on sustainability is a great business opportunity for all industries, especially finance and technology that have the most power to transform the communities we live in.
For the crypto industry, this practical service is a simple way to meet customer demand for digital assets while combatting the myth of crypto bringing incredible environmental harm.
