AlgoTrader, a technology provider For institutional-level cryptocurrency asset transactionsPeer Energy, a sustainable technology innovator, today announced a new partnership to develop carbon offset crypto transactions for bank customers. Their product, the Green Bitcoin Wallet, will enable banks to expand their income base while increasing their environmental impact.
“We are very happy that AlgoTrader has joined our carbon war. Linking our PEP tokens to crypto trading means that customers can promote renewable energy production and increase efficiency when trading.”
– Robert Buhler, CEO of Peer Energy
Combining the income and sustainability of the bank
Through their projects, AlgoTrader and Peer Energy have achieved success in the accelerator programs run by BLKB and Venturelab. For this Swiss bank, opening up new sources of revenue while emphasizing its commitment to sustainability and innovation is a perfect strategic match.
The Green Bitcoin Wallet performs carbon compensation through a peer-to-peer network. Compared with traditional carbon offset contributions, Peer Energy’s blockchain-based PEP tokens represent carbon that can be avoided programmatically. Funds paid for tokens contribute to local energy transition, efficiency improvement and innovation. The inherent transparency of the product—tracking every transaction and its corresponding carbon offset—will also meet ESG reporting standards.
Although interest in digital assets has never been so high, people are increasingly concerned about environmental costs. Peer Energy calculated that although Bitcoin transactions only cost users $7, the carbon cost is $45. A Bitcoin block may generate a mining reward of 200,000 USD at the current price, and it also requires an astonishing energy cost of 166,000 USD.
“The market for customer-centric, sustainability-oriented products has matured. Banks that can provide customers with access to digital asset trading tools will be one step ahead. Ensuring that environmental issues are not ignored is a key part of meeting the expectations of customers and regulators .”
– Andy Flury, founder and CEO of AlgoTrader