OKX Ventures, the investment arm of cryptocurrency exchange OKX has joined the Ethereum Climate Platform (ECP) to partner towards sustainable climate goals.
In a Dec 6 press release, the company announced the decision to join the platform and highlighted plans targeted to decarbonize the web3 ecosystem amid recent climate reports on the sector’s energy usage.
According to the release, the firm in partnership with the exchange team plans to utilize advanced technology to expedite the decarbonization of blockchains and support more sustainable energy use in mining and trading-related activities.
“OKX Ventures, with the support of the OKX Web3 team, joined a coalition of companies dedicated to expediting decarbonization and amplifying climate action through the deployment of cutting-edge technology and the cultivation of digital environmental assets.”
In reducing greenhouse gases and increasing climate benefits, the company cited its approach using proof-of-reserves to track and validate on-chain as a way of lowering emissions.
OKX now joins big technology corporations like Microsoft, Polygon, and the Near Foundation to collaborate in climate action towards web3 firms.
All hands on deck for climate sustainability
Industry executives continue to support recent climate initiatives to pivot to renewable energy solutions like the setting up of solar-powered Bitcoin mines and switching to immersion cooling systems.
🔥JUST IN: @Tesla, @Jack Dorsey’s @Blocks and @Blockstream team up to mine #bitcoin of solar power in #Texas.
— Cryptonews.com (@cryptonews) April 8, 2022
Speaking on the recent partnership, Jeff Ren, OKX Ventures Partner noted that it underscores the company’s commitment to social responsibility and environmental stewardship through innovative solutions.
“…We embrace this opportunity and responsibility to pioneer sustainable blockchain innovation to create lasting value for both people and the planet.”
Anna Lerner, the Executive Director of ECP expressed delight over the partnership adding that it shows a new era of eco-conscious blockchain advancement.
“Through this partnership, the OKX Ventures and Web3 teams are demonstrating their leadership in sustainable innovation across Web3. Its partnership with the EthereumClimate Platform and support of Gitcoin demonstrate a dedication to ESG principles.”
Switch to green energy can save miners
The Ethereum Climate Platform was set up after the much anticipated Ethereum Merge which saw the network transition to a Proof-of-Stake (PoS) consensus mechanism to collaborate with industry leaders and wider traditional players seeking ways to reduce emissions through the use of technology.
The Ethereum Merge was notable because it reduced the network’s energy usage by 99% a bold step after multiple reports on huge mining energy consumption leading to wide backlash from climate activists and the government.
The Chinese government flagged Bitcoin mining activities as a major cause of many cities missing their climate target leading to an outright ban of mining-related activities in the country setting the pace for mining migration.
This year, the Kazakhstan government has reduced the supply of electricity to Bitcoin miners as several climate activists continue pushing against the Proof-of-Work model to validate transactions.
The United States attempted to roll out a 30% tax on digital asset miners citing an unfair use of energy supply leading to more pressure on daily users.
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