Edinburgh-based cryptocurrency platform Zumo has secured government funding following the success of its pilot initiative aimed at decarbonizing crypto transactions.
The Zero Hero pilot involved acquiring Renewable Energy Certificates (RECs) to offset the energy consumption associated with bitcoin purchases made through its app. Throughout the pilot, Zumo purchased RECs to cover £1.5 million worth of bitcoin, compensating for approximately 850 megawatt-hours of electricity—sufficient to power an electric vehicle for over three million miles.
In collaboration with Zero Labs, Zumo has now been awarded a grant by Innovate UK to advance research focused on the decarbonization of cryptocurrency. The RenewableCrypto project is set to launch later this month, with both partners exploring practical methods for integrating renewable energy into wallets and platforms.
Kirsteen Harrison, Zumo’s environmental and sustainability adviser, noted, "The outcomes of our Zero Hero pilot project are highly encouraging, highlighting both the feasibility of clean energy solutions and a strong demand from our customers."
For more insights, you can access Zumo’s report on the pilot here.