Gemini, a cryptocurrency exchange led by Tyler and Cameron Winklevoss, wants to reduce its carbon footprint with help from a Chicago nonprofit.
Gemini announced Thursday that it has launched Gemini Green, an initiative to incorporate "climate conscious practices" into its business. It's working with Climate Vault, a nonprofit founded at the University of Chicago, to purchase carbon permits for nearly 350,000 metric tons of carbon. Gemini agreed to purchased around $4 million in credits to help offset carbon emissions, according to Bloomberg.
The move comes as the cryptocurrency industry has been criticized for its vast energy use. Even Elon Musk, a vocal crypto supporter, has said it's “insane” how much energy is used to produce bitcoin.
Gemini's collaboration with Climate Vault aims to offset, and ultimately remove, the CO2 related to the bitcoin that Gemini holds, the company said.
Climate Vault buys carbon emission permits from regulated markets, and each permit purchased by Climate Vault prevents one metric ton of CO2 pollution. It was founded by Michael Greenstone, a professor of economics at the University of Chicago.
The Winklevoss twins, who famously sued Facebook CEO Mark Zuckerberg in 2004, claiming he stole their ConnectU idea to launch the popular social networking site, launched a Chicago office for Gemini in 2019. The company's platform lets users buy, sell and store cryptocurrencies like bitcoin and ether.
Gemini also announced Thursday that it plans to donate $1 million to organizations that are focused on sustainability in the crypto industry.
