Two exchange-traded carbon-neutral crypto funds (ETFs) are preparing to launch in Canada, offering a more green option for institutional investors.

Canadian asset manager Purpose Investments is preparing to launch two new cryptocurrency ETFs on the Toronto Stock Exchange on Tuesday, both of which offer carbon offsetting investors.

Purpose To launch Bitcoin (BTC) and Ether (ETH) funds traded under the BTCC.J and ETHH.J brands. Unlike the funds that were recently launched in the US and backed by futures, these funds will be backed and settled with BTC as their underlying asset.

The Toronto-based company has partnered with Patch, a company that will help it measure the carbon footprint of its crypto wallets and provide decarbonization solutions. Measuring the carbon footprint of cryptocurrencies is not an easy task as there are so many variables, but the company detailed its efforts and calculations in a white paper.

Purpose will then invest in controlled carbon offset projects to provide customers with a carbon-free BTC experience. Some of the projects he will invest in include direct air capture, biomass, mineralization or carbon dioxide removal, forestry, marine fertilization, and soil management.

According to the company’s preliminary prospectus, the new Purpose BTC fund had 24,167 BTC (~$1.6 billion), while the Ether fund had 86906 ETH (~$417 million) as of Monday.

Related Topics: Green Bitcoin: The Importance of Energy and Energy Consumption in Proof of Work

Purpose The Bitcoin ETF (BTCC-B.TO) was the first bitcoin fund in North America, launched in February. According to Yahoo Finance, it is currently over $1 million and has generated nearly 20% of profits in the past month.

The Target Ether ETF (ETHH.TO) is not very popular, with a daily volume of just $210,000, but it has had the best return of 38% over the past 30 days.

In June, the company also launched the first ETF to include carbon offsets in Europe. The fund is listed on the London Stock Exchange under the zero mark and complies with the S&P Global Clean Energy Select Index.

Source: CoinTelegraph