In new strategic partnership, firm launches decarbonization initiative supported by blockchain-based planting management system
Accelerate Financial Technologies, the firm behind the world’s first-ever carbon-negative bitcoin ETF, has declared an innovative decarbonization initiative through a new strategic partnership.
As part of its new initiative, Accelerate is embarking on a global tree-planting campaign funded by a portion of its management fee from the Accelerate Carbon-Negative Bitcoin ETF, which is listed as ABTC on the TSX.
"Running the world's first carbon-negative investment fund, we take great pride in providing an easy and low-cost exposure to bitcoin while helping fight climate change," said Julian Klymochko, founder and CEO of Accelerate.
To take on the challenge, it has partnered with Veritree Technology (veritree), a technology firm whose blockchain-based integrated planting management system connects project sponsors directly with impacts on the ground. The system is designed to solve many problems that tree-planting and nature-based solutions typically confront, including double counting or lack of additionality, poor monitoring for permanence, and an inability to collect usable data.
As part of the initiative, Accelerate and veritree have pledged to plant 5,000 trees in early 2022. That campaign kickoff will be funded by ABTC's fourth quarter management fee.
Accelerate’s yearly tree-planting campaign will be supported with an up to 10% allocation from ABTC's 0.69% management fee. For its initial decarbonization effort, the firm will concentrate on planting mangrove trees in Madagascar.
Every $1,000 invested in ABTC is expected to translate into approximately one net tonne of carbon dioxide sequestered per year.
With this new announcement, investors who seek portfolio diversification and inflation protection through bitcoin will also have the opportunity to participate in the fight against climate change.
"We are grateful to all of our ABTC investors, as their ABTC investment helps us sequester carbon emissions to reduce their carbon footprint through our tree planting campaign,” Klymochcko said. “This is true ESG investing.”
