Purpose Investments partners with best-in-class decarbonization experts at Patch to provide Canadians with a sustainable way to invest in cryptocurrency
TORONTO, Nov. 09, 2021 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is happy to announce the launch today of carbon neutral classes for its cryptocurrency funds, Purpose Bitcoin ETF (“BTCC”) and Purpose Ether ETF (“ETHH”). The carbon neutral series of its Bitcoin and Ether ETFs will begin trading today on the Toronto Stock Exchange under the tickers: BTCC.J and ETHH.J, respectively. They are offered as new classes of the existing ETFs and will not impact the existing classes of BTCC and ETHH listed in market.
“We believe in the potential of cryptocurrency, but we can’t ignore the carbon impact of Bitcoin and Ethereum mining. We hope these carbon neutral ETF classes will provide our sustainability-minded investors an opportunity to invest in crypto while addressing the environmental impact this amazing asset can have,” said Som Seif, founder and CEO of Purpose Investments. “We’re extremely proud to offer this innovation and believe it could be the first step toward increased sustainability in the cryptocurrency space, which we care deeply about.”
Purpose launched the world’s first Bitcoin ETF and the world’s first Ether ETF earlier this year to provide investors with convenient ways to hold cryptocurrency in registered accounts without a digital wallet. Now, Purpose has partnered with Patch Technologies Inc. (“Patch”), a leading API-first platform for carbon removal, to give investors the opportunity to sustainably invest in Bitcoin and Ether. Through this partnership, all carbon emissions linked to an investment will be offset to achieve net zero carbon output.
“The crypto community has moved quickly and decisively over the past months to address the industry’s climate impact. Purpose Investments in taking a leading role in this effort,” said Brennan Spellacy, co-founder and CEO of Patch. “We’re proud to support their carbon-neutral crypto ETFs, from measuring their carbon footprint to providing access to high quality carbon offset and removal projects.”
The carbon footprint of investments will be measured daily using Patch’s in-house measurement methodology for both Bitcoin and Ether. Carbon offsets will be purchased on a weekly basis to target net zero carbon emissions at the beginning of each trading week and invested in both traditional and ground-breaking new climate projects around the world that are verified and vetted by Patch.
“We spent a lot of time investigating how we could make cryptocurrency investing more sustainable, which included countless hours of research into the different carbon offsetting programs and providers. We wanted to ensure we found a solution with a …….