British brand Zumo joins world-wide pledge to de-carbonise the crypto industry

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Another giant move for crypto currencies as Scottish crypto currency wallet Zumo announced as signatory to the global crypto climate accord.

In cooperation with fintech and crypto industry leaders, Energy Web Foundation, the Alliance for Innovative Regulation and RMI created the Crypto Climate Accord. The Accord, inspired by the Paris Climate Agreement, is a private sector-led initiative for the entire crypto community focused on decarbonising the cryptocurrency industry.

Crypto Climate Accord Signatories are crypto market participants that make a public commitment to achieve net-zero emissions from electricity consumption associated with all of their respective crypto-related operations by 2030 and to report progress toward this net-zero emissions target using best industry practices. All Signatories also serve in the role of being a Supporter.

Zumo, a decentralised finance platform that makes regular money and cryptocurrency work seamlessly together, announced its key Signatory status of the Crypto Climate Accord (CCA), a global initiative which has been established with the sole aim of harnessing the collective efforts of the crypto community to support the industry’s transition to 100% renewable energy and achievement of net-zero emissions by 2040.

Their non-custodial smart wallet, housed on the Zumo App, uses the power of blockchain technology and claims to give its users the safest and simplest way to buy, store, send and spend cryptocurrencies and traditional money.

With all of the negative press surrounding crypto mining this is a positive action for the blockchain and its many currencies.

Crypto on the British Isles is making vast moves. Zumo was founded in Edinburgh in 2018 by entrepreneurs Nick Jones and Paul Roach, they are a purpose-driven Fintech business with transparency, accessibility, and financial inclusion at their core.

Nick Jones CEO of Zumo made the following statement:

‘We want to bring the benefits of smart money to everyone. And after Covid-19, we want to bridge the gap to a better way of dealing with money. Zumo is not elitist. It’s not exclusive. It’s not only for the one percent.

‘Surging demand for cryptocurrencies and accelerating adoption of blockchain-based solutions have highlighted a critical issue: the technology’s growing energy consumption and its impact on our climate. That’s why we’re working collaboratively with the crypto industry—including all blockchains—to transition to 100% renewables.’

As a CCA Signatory, Zumo now commits to work alongside other CCA Supporters on key projects which prioritise climate stewardship across the industry that seek to decarbonise the wider crypto sector.  Zumo assents its time and expertise to facilitate and accelerate the development of the operating standards, tools, and tech necessary to achieve the objectives of the Accord.

Via voluntary open-source working groups and a ‘big tent’ approach, Zumo and fellow CCA Supporters will determine key areas in which their expertise can help to drive action, engage with stakeholders, and generate ideas and targets that all contribute towards realising the Accord’s shared vision of industry-wide decarbonisation.

Nick continued:

‘Zumo has been climate neutral since our inception in 2018.  The industry, of course is not.  However, ours in an industry evolved purely from pioneering tech innovation, and through initiatives such as the Crypto Climate Accord, we are mobilising quickly through collective responsibility towards a clean-tech future. 

As an early Accord Signatory, Zumo is committing proactive direct action to engage in knowledge-sharing initiatives and collaborative project development with our key partners to drive down the carbon footprint of our industry.

While today’s announcement is mostly about sharing the news of our Signatory status and trying to spread awareness of the Crypto Climate Accord, we have ambitious plans around how and where Zumo can specifically apply knowledge and expertise and in the open-source ethos of the Accord, we will be very open about sharing our learnings and our journey both within the framework of the Accord and beyond. Watch this space. We will have much to share over the coming months and years.’

Cherry Martin

Cherry is Associate Editor of Business Matters with responsibility for planning and writing future features, interviews and more in-depth pieces for what is now the UK’s largest print and online source of current business news.

Business Matters Magazine

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