Tyler and Cameron Winklevoss’ crypto exchange bought $4 million in carbon offsets. The offsets target carbon emissions stemming from Gemini’s wallet technology.
The move looks intent on assuaging Gemini customers - especially institutions - that their crypto trading does not conflict with their ESG goals.
There’s ongoing debate as to whether or not carbon offsets actually reduce emissions. It’s hard to enforce the validity or effectiveness of a carbon offset scheme, since it can be hard to verify whether a forest actually gets planted, and how long it lasts — you don’t want someone cutting down the trees or draining the wetland a few months after you buy an offset.