“Setting up in Geneva was a no-brainer”Monday 24 January 2022
ImpactScope, a social enterprise providing carbon offsetting solutions to digital assets marketplaces, cryptocurrency miners, and electronic wallet operators, has chosen the Swiss city of Geneva as its home.
Digital currencies use an astonishing amount of electricity, most of which comes from fossil fuels. The average on-chain Bitcoin transaction has a carbon footprint of around 700 kilograms of CO2, which is the equivalent of a two-hour flight. Sending $20 worth of Bitcoin generates the same emissions as 1.3 million credit card transactions, or watching YouTube videos continuously for 32 years.
Enter ImpactScope. This sustainability software development company is the only company in the world building real-time, integrated offsetting solutions and climate action tools for crypto owners, digital asset marketplaces and institutions. For crypto enthusiasts, the mechanism is similar to voluntarily paying a little extra to offset or reduce their carbon emissions when booking a flight. Offsetting payments are used directly in environmental protection and restoration projects in Kenya, Brazil and Indonesia. ImpactScope also provides consulting services to crypto mining farms, blockchain companies, and institutional investors, to help them become more sustainable. ImpactScope’s current clients include some of Europe’s leading exchanges, such as Crypto2Cash.com and Lausanne-based YouHodler, as well as two of North America’s fastest-growing crypto mining operators, Arthur Mining and Peter Thiel-backed US BTC Corp.
Where crypto meets impact
ImpactScope has chosen Geneva as its base to decarbonize the crypto industry. “Switzerland is a prestigious jurisdiction, with some of the best regulations for blockchain and cryptocurrency in Europe. And Geneva, of course, is the world capital for international organizations dedicated to sustainable development. It was a no-brainer for us to set up shop here,” explains Sean Murphy, co-founder of ImpactScope. The company is looking to add a Head of Climate Action and a Business Development Manager to its Geneva team.
ImpactScope was supported by GGBa and DG DERI throughout its investment journey. “We have received absolutely fantastic assistance. From introductions to public and private sector partners to support with recruitment, the investment promotion team has been there every step of the way,” says Murphy.