Market Movers On the rise
Shares of Mogo Inc. soared with the premarket launch of its “green” bitcoin on Tuesday.
The Vancouver-based digital payments and fintech firm called it the “world’s first climate-positive bitcoin” and said it’s an initiative which makes all bitcoin purchased on its platform climate positive.
“For every bitcoin purchased through its platform, Mogo will plant enough trees to completely offset the CO2 emissions produced by mining that bitcoin —and then some. This initiative, believed to be the first of its kind, also includes all bitcoin currently held by members on the platform. Mogo’s ‘green’ bitcoin further demonstrates the Company’s commitment to creating a healthier planet while empowering Canadians to invest and spend wisely,” it said.
Mogo said 421,000 pounds of carbon dioxide emissions are currently released into the atmosphere for each bitcoin currently mined.
“By launching ‘green’ bitcoin, we’ve made buying bitcoin good for the planet and arguably one of the most ESG-oriented investments anyone can make,” said CEO David Feller.