According to the source, organizations interested in making the cryptocurrency industry more sustainable have already joined the initiative. In particular, they include Ripple, CoinShares, Web 3 Foundation, the UNFCCC Climate Champions, and others. The newly created group aims to achieve its goals by collaborating with the actors in the crypto industry, including blockchains.

The carbon footprint of cryptocurrency mining has been discussed extensively. According to Be In Crypto, in 2017 Bitcoin’s electricity use was already higher than that of Ireland as a whole. Moreover, according to the Cambridge Centre for Alternative Finance, Bitcoin consumes more energy per year than entire Ukraine, Sweden, Argentina, Norway, and a number of other countries.

Now, with the non-fungible token (NFT) art becoming more popular, there are also different opinions on whether such art could be environmentally ethical. According to The Verge, digital artist Beeple aims to eliminate the carbon footprint of his artwork. He intends to do this by using renewable energy sources or investing in other initiatives that reduce carbon footprint.  

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Using this feature, clients can make transactions in crypto, which will be instantly converted into USD. Currently the service supports such assets as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. For non-USD transactions, PayPal would be converting USD into merchant’s currency, the source says.

PayPal has taken several steps to enable its clients to pay with cryptocurrencies using their accounts on its platform. In October last year, the company announced that its customers could buy, sell, and hold crypto using their accounts thanks to a partnership with crypto firm Paxos. In February this year, PayPal’s CEO revealed the firm’s plans to invest in a crypto-related business unit. Moreover, early in March, PayPal acquired digital asset security firm Curv which joined the new unit.

The announcement from PayPal, along with Monday’s announcement from Visa, could have been the reason behind the boost in the price of Bitcoin and some altcoins. Bitcoin is trading at around $58,800, up by 2.7% in the past 24 hours at the time of writing. In addition, Ethereum is trading at around $1,829, up by 1.8%, per CoinMarketCap.com data.

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