Crypto platform Gemini has announced a long term initiative to purchase carbon permits to offset nearly 350,000 tonnes of bitcoin-related carbon emissions.

Its Gemini Green initiative, which aims to incorporate climate conscious practices into its business, has spent more than $4 million (£2.9m) to purchase carbon permits related to its usage of the Bitcoin Network from 1st January until 30th June, 2021.

It has collaborated with Climate Vault, a non-profit founded by the University of Chicago, to purchase the carbon permits directly from government-regulated cap-and-trade markets, which will prevent 341,965 metric tons of carbon from entering the atmosphere.

That’s equivalent to nearly a billion miles driven by a typical passenger car.

As part of Gemini Green, the company is also investing $1 million (£0.7m) to support businesses, projects and non-profits that are focused on sustainability in the crypto industry.

Gemini CEO Tyler Winklevoss said: “As bitcoin emerges as a dominant store of value, it’s imperative that we incorporate sustainability for future generations.

“We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonising of bitcoin.”