New Layer Capital is delighted to announce our participation in Sustainable Bitcoin Protocol’s Seed round led by BlackPine Private Equity.
Sustainable Bitcoin Protocol aims to create a market mechanism structured as a multi-stakeholder initiative to make the Bitcoin network carbon neutral, in turn moving towards making Bitcoin our planet’s most powerful climate positive asset.
Using this protocol, Bitcoin miners are financially incentivized to use clean energy sources. The carbon credits earned can be sold to institutional asset managers seeking to offset the carbon intensity of the bitcoin held on their balance sheets.
The global renewable energy certificate (REC) market size is projected to reach ~$100+ billion by 2030, with the market expected to grow at a CAGR of ~26% from 2022 to 2030. Sustainable Bitcoin Protocol has the potential to become the “standard” on-chain renewable credit system for the bitcoin mining industry and asset managers seeking to invest in the asset class.
Other investors in this round include Blackpine Private Equity (a $4bn PE fund), Jihan Wu (founder of Bitmain/ Bitdeer/ Matrixport), Stacks Ventures, Hawksburn Capital, and other angel investors holding senior positions at Goldman Sachs, BlockFi, and Matrixport.