AlgoTrader, the provider of institutional-grade cryptocurrency asset trading technology and the innovator of sustainable technology, Peer Energy, today announced a new partnership to develop carbon-compensated crypto trading for banking clients. Their product, the Green Bitcoin Wallet, will enable banks to expand their revenue base while increasing their environmental footprint.
“We are thrilled to have Algo Trader join us in our fight against carbon. Binding our PEP tokens for crypto transactions means customers can increase renewable energy production and increased efficiency while trading.
– Robert Bohler, CEO of Peer Energy
The combination of the bank’s revenue and sustainability
With their project, AlgoTrader and Peer Energy have succeeded in the accelerator program run by BLKB and Venturelab. For the Swiss bank, the opening of the new revenue stream was the perfect strategic match, highlighting its commitment to sustainability and innovation.
Green Bitcoin Wallet executes carbon compensation through a peer-to-peer network. In contrast to conventional carbon offset contributions, Peer Energy’s blockchain-based PEP tokens represent carbon that can be programmatically avoided. The money paid for the tokens contributes to local energy conversion, efficiency gain and innovation. The underlying transparency of the product – tracking each transaction and its corresponding carbon offset – will also comply with ESG reporting standards.
Although interest in digital resources has never been greater, there is growing concern about environmental costs. Peer Energy calculates that although a bitcoin transaction costs the user only মার্কিন 7, carbon costs মার্কিন 45. A bitcoin block that could generate a পুরস্কার 200,000 mining reward at current prices also includes শক্তি 166,000 in energy costs.
“The market is ripe for client-centric offers that lead to sustainability. Banks that can provide customers with tools for digital asset trading will be one step ahead. Ensuring that environmental concerns are not neglected is an important part of meeting the expectations of clients as well as regulators.
– Andy Flurry, founder and CEO of AlgoTrader