The Winklevoss twins' crypto exchange bought $4 million in credits to offset carbon emissions

• Tyler and Cameron Winklevoss' crypto exchange bought $4 million in carbon offsets, according to Bloomberg.
• The offsets target carbon emissions stemming from Gemini's wallet technology.
• "We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonizing of bitcoin."

Tyler and Cameron Winklevoss' crypto exchange Gemini bought $4 million in carbon offsets and pledged to continue to purchase more until bitcoin runs fully on renewable power, according to Bloomberg.

Gemini bought the offsets from Climate Vault, a University of Chicago-based nonprofit that buys carbon emission permits from regulated cap-and-trade systems, which exist in places like the EU, Canada, and California.

Because permits are bought and then removed from the cap-and-trade systems, each purchase should represent an emissions reduction. The Winklevosses' $4 million offset will remove around 341,000 metric tons of carbon dioxide from the atmosphere, according to Bloomberg.

"We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonizing of bitcoin," Tyler Winklevoss said in a statement from the company.

The offsets target carbon emissions stemming from Gemini's wallet technology, storing cryptocurrencies in short-term "hot" storage or long-term "cold" storage. It is part of the exchange's broader initiative, called Gemini Green, to work climate-conscious practices into its operations.

"We are just playing our part to address the ESG conversation and component of bitcoin that a lot of people have heard about," Tyler Winklevoss told Bloomberg. "[Customers] can come to Gemini and use Gemini Green custody, and they can fulfill their ESG mandates."

The move looks intent on assuaging Gemini customers - especially institutions - that their crypto trading does not conflict with their ESG goals.