AlgoTrader and Peer Energy develop carbon-compensated bitcoin trading network
AlgoTrader, a technology provider for institutional-grade cryptocurrency asset trading, and Peer Energy, a sustainable technology innovator, announced today a new partnership to develop carbon-compensated crypto trading for banking clients. Their product, the Green Bitcoin Wallet, will enable banks to expand their revenue base while boosting their environmental footprint.
“We are excited to have AlgoTrader joining our war on carbon. Tying our PEP token to crypto transactions means customers can promote renewable energy production and increased efficiency while trading.”
– Peer Energy CEO Robert Bühler
Combining revenue and sustainability for banks
With their project, AlgoTrader and Peer Energy succeeded at the accelerator program run by BLKB and Venturelab. For the Swiss bank, opening new revenue streams while underscoring its commitment to sustainability and innovation was the perfect strategic match.
The Green Bitcoin Wallet executes carbon compensation through a peer-to-peer network. In contrast to conventional carbon offset contributions, Peer Energy’s blockchain-based PEP tokens represent carbon which gets programmatically avoided. The money paid for the tokens contributes to the local energy transition, efficiency gains, and innovations. The product’s inherent transparency – tracking each transaction and its corresponding carbon offset – will also comply with ESG reporting standards.
While interest in digital assets has never been higher, there is increasing concern about the environmental cost. Peer Energy calculates that although a Bitcoin transaction costs the user only USD 7, the carbon cost is USD 45. A Bitcoin block that may generate USD 200,000 in mining reward at current prices also entails a shocking USD 166,000 energy cost.
“The market is ripe for client-focused offerings that foreground sustainability. Banks that can give customers tools to access digital asset trading will be one step ahead. Ensuring that environmental concerns are not neglected is a crucial part of meeting the expectations of clients as well as regulators.”
– AlgoTrader Founder & CEO Andy Flury
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Text source: CryptoNinjas
