Crypto wallet Zumo completes renewable energy pilot

Friday 17 June 2022 13:27 CET | News

UK-based Zumo, a crypto wallet and payments platform, has completed its Zero Hero pilot project, a trial to buy Renewable Energy Certificates to compensate for the electricity usage of Bitcoin bought via the Zumo app.

Over the pilot period, Bitcoin to the value of GBP 1.5 million has been covered by Zero Hero REC purchases, with a total of 850 megawatt-hours (MWh) of electricity compensated via the programme.

The Zero Hero results are presented in Zumo’s new report – ‘Decarbonising Crypto: Towards Practical Solutions’. As well as examining the outcomes of the project, the report offers a range of practical takeaways for crypto solution providers encompassing best attribution methodology and best practice approaches to renewable energy procurement.

The report argues that REC markets must increase in sophistication and in efficiency if they are to meet the current requirements of net zero strategies. Crucially, crypto – as an emerging electricity-focused sector – has a unique opportunity to shake up this marketplace and signal a new wave of demand.

For the next stage of its work, Zumo and its partner, Zero Labs, have been awarded a grant by Innovate UK, the UK’s national innovation agency, to further fund research into the decarbonisation of crypto.

This RenewableCrypto project will kick off later in June 2022 and see Zumo working with Zero Labs to find practical ways in which wallets and platforms can scale the use of renewable energy. Zero Labs is a tech startup that allows companies, investors, and individuals to decarbonise their operations, value chains, and daily lives through tokenised renewable energy and delivering on-chain and human-readable green proofs.

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Keywords: Bitcoin, cryptocurrency, blockchain, green finance, carbon footprint
Categories: DeFi & Crypto & Web3
Companies: Zumo
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3


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