Cryptocurrency has exploded in growth, onboarding around 300 million new users. Unfortunately, this growth is connected to serious environmental damages.
Every $1 in Bitcoin market value generated an average of 35 cents in global climate damages between 2016 and 2021. In comparison, gasoline generated 41 cents, and beef production was responsible for 33 cents in damages.
However, companies like Ethereum has shown itβs possible for cryptocurrency to cut its carbon footprint. Through a mechanism upgrade, Ethereum managed to reduce its carbon footprint by over 99.99%, becoming an almost net-zero technology. Ethereum reining in its greenhouse gas emissions provides a chance for other crypto companies to collaborate and utilize impact tech to change business operations.
A blockchain and crypto industry aiming to mitigate climate change is emerging. The main tool for this industry game-changer is the carbon credit market, which allows businesses and individuals to offset their emissions by purchasing credits from carbon-removing projects.
At Dealroom.co we mapped 60+ Blockchain and Crypto startups improving and providing carbon offsets. For more on this space, access the full landscape below. π
π The Future of Fashion Grows in a Pond.These startups are developing biodegradable yarns and dyes from algae as a sustainable solution to fast fashion. Bloomberg
Latest impact deals:
The largest in the last week:
πΊπΈ Boston Metal, a Woburn, MA-based producer of clean steel, raised $120m in Series C.
π¨π³ Tado, a Munich, Germany-based developer of smart thermostats , raised $47m.
πΊπΈRapid Deploy, a Austin- TE-based open and integrated emergency response platform raised 34m in late VC.
Other promising impact deals:
πΊπΈEcozen, a Pune, India-based developer of sustainable cold chain technology, raised $25m in Series C
πΊπΈ Reinassance Fusion, a Fontaine, France-based nuclear fusion company, raised $16m in Seed.
Weβve ranked the top 100 climate tech startups to watch based on our Dealroom Signal: a powerful algorithm helping VCs, Corporates and Governments find the most promising up and coming startups.
This is Dealroom's weekly impact newsletter. Get more industry-specific intelligence on the evolving world of impact, expert insights on purpose-driven startups, responsible tech, ethical investment, and more. Delivered on Tuesdays.
Dealroom.co, Cornelis Dirkszstraat 27-2, 1056 TP, Amsterdam, The Netherlands