Leading European digital asset investment house CoinShares announced today a strategic investment in Viridi Funds, an emerging fund manager aiming to launch the first ESG crypto mining product in the U.S.
Cryptocurrencies have recently come under significant scrutiny for their environmental impact, due to the energy expended in mining the currencies. Earlier this month, Tesla CEO Elon Musk sent prices of Bitcoin plummeting after tweeting that Tesla would no longer transact in the currency due to the environmental impact of crypto mining.
In order to solve this problem and invest in solutions, CoinShares has launched an initiative to actively identify and fund companies involved in creating a sustainable mining infrastructure. According to CoinShares, Viridi will be targeting investment into global crypto mining operations with leading ESG properties, hardware efficiency and operational expertise.
Wes Fulford, CEO of Viridi Funds, said:
“Our team is thrilled to welcome CoinShares as both an investor and advisor. Here at Viridi, we are focused on delivering a positive, tangible impact to global crypto mining markets through an active investment strategy which will help push operators to become greener. This is an important and necessary step for the mass adoption of cryptocurrency.”
Meltem Demirors, Chief Strategy Officer at CoinShares added :
“At CoinShares we believe in a proactive approach to not only identifying dominant market trends, but also acting on those which bring a clear market incentive. This collaboration with Viridi Funds is in alignment with our goal to advance the concept of sustainability on a global scale as well as provide innovative, forward thinking investment vehicles that make digital assets accessible to individuals and institutions alike. I am excited to bring our years of experience in exchange traded products and capital markets to this new product family and look forward to working closely with Wes and the Viridi team to bring ESG products to the US market and beyond.”