Cryptocurrency exchange Crypto.com has struck a deal for purchasing carbon removal capacity from Swiss company Climeworks. The agreement is for an eight-year period, during which Climeworks will capture and sequester carbon through its direct air capture technology.
The companies didn’t disclose the exact amount of CO2 that will be removed, but there are similar agreements with software companies like Microsoft and Shopify, as well as prominent names in Climeworks’ home country like Swiss Re and Zurich Insurance.
Crypto.com CEO Kris Marszalek commented on the deal by saying: “We are still very early in our sustainability journey, and we have observed best practices from partners where investments have had tangible impact on carbon removal. Even in the current market, we consider it to be as important as ever to invest in innovative technologies that will make a positive impact on climate change across our ecosystem.”
As direct air capture and carbon removal technologies are still in their development stage, this commitment will serve both a practical purpose for Crypto.com, while providing resources for Climeworks to continue working on its approach.
Other crypto companies have also been proactive when it comes to their climate commitments. Ripple recently became partners with Web3 carbon marketplace Thallo.
The partnership is another step in Crypto.com’s sustainability efforts, with the company hiring Rosie Donachie as head of Environmenta, Social and Governance agenda back in March, 2022.