Zodia Custody, the London-based crypto storage platform backed by Standard Chartered and Northern Trust, has become the first crypto custodian to join Tech Zero, a network of over 300 technology companies aiming to achieve net-zero carbon emissions by 2030. As a member of this growing task force, Zodia will engage in an annual reporting of its emissions across various scopes and disclose plans for achieving net zero within the year, while appointing an executive to monitor progress.
In line with Tech Zero Taskforce’s objectives, Zodia’s commitment to climate goals and accomplishments will be communicated through its website, board, and customer channels. To achieve net zero, the company will adopt measures such as long-and short-term environmental, social, and governance (ESG) planning, assessment of supplier sustainability, incentivizing green clients, and implementing a carbon offsetting strategy in alignment with the Science Based Targets initiative.
Efforts such as recycling office waste, technology equipment, and striving for a carbon-neutral office environment have already been undertaken by the company. The Tech Zero Taskforce, launched in 2021, seeks to spur the UK’s efforts in reaching net-zero greenhouse gas emissions by enlisting tech companies’ support.
Zodia Custody’s CEO, Julian Sawyer, highlights the importance of showcasing climate accountability as the crypto industry has long been under scrutiny for its negative environmental impact. By joining Tech Zero, Zodia aims to lead the way in promoting a more climate-conscious digital asset industry.
This move towards an eco-friendly business model follows Zodia’s recent partnership with SBI Digital, where they will establish a crypto storage platform for institutional clients in Japan. In late April, SBI became the second-largest shareholder in Zodia, investing $36m in a series A funding round to support Zodia’s global expansion, increase token coverage, and enhance Interchange, Zodia’s settlement solution platform.
In other news, Standard Chartered, Zodia’s majority owner, made headlines with its bullish bitcoin prediction. The bank anticipates BTC’s price to reach $100,000 by the end of 2024, citing factors such as its safe haven status, improvement in miner profitability, and the expected supply shock after next year’s halving.
Zodia’s decision to join the Tech Zero Taskforce is a significant step in the right direction to reduce the crypto industry’s environmental impact. It is an opportunity for other stakeholders in the industry to follow suit and prioritize climate-conscious strategies as they continue to grow and develop their businesses.