In a groundbreaking action in the cryptocurrency market, the development team responsible for the Harvest Finance (FARM) project announced the purchase of the Brazilian cryptocurrency MCO2 to offset the carbon footprint of the crypto asset.
As announced by the company, with this action, Harvest Finance became the first DAO to experiment with carbon emission offsets and help preserve the Amazon rainforest.
In total, according to the company, 300 MCO2 tokens were bought and burned, which represents the offset of 300 tons of carbon emissions. This is equivalent to approximately 5000 transactions conducted on Ethereum, according to the ETH Energy Consumption Index.
In its statement, the company highlighted that it purchased the MCO2 tokens because the money raised from the token issuance directly finances the preservation of the Amazon rainforest.
"An important and economical technique for voluntary carbon emission reduction and without regulatory burden," the company emphasized.
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