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A Green Future Is Coming: Charging Stations to Accept Crypto

CryptocurrencyJun 30, 2021 10:01AM ET
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A Green Future Is Coming: Charging Stations to Accept Crypto

  • 50,000 electric car charging stations in Europe to accept cryptocurrencies as payment.
  • Experts have described it as a good turn of events as the energy usage of crypto mining has consistently damaged the reputation of digital assets.
  • These developments are reminiscent of last year when a blockchain-based electric vehicle payment trial in Canada received $1 million from the government.
  • In other developments, Enjin Coin has joined the Crypto Climate Accord and pledged to reduce its carbon footprint.

News swirling around the high energy use of cryptocurrencies has badly affected the market, notably starting with Bitcoin, as Tesla (NASDAQ:TSLA) temporarily cut ties with the asset as a direct result. A glimpse of hope, which many are describing as a positive turn of events, came this week when it was announced that 50,000 electric car charging stations would be accepting cryptocurrencies through payment solution provider HIPS Payment Group Limited.

The decision will further aid in pushing the mass adoption of cryptocurrencies, because if a clean energy sector like EV accepts crypto, it demonstrates that cryptos are altering their energy usage mechanisms, sticking to the climate mandate.

HIPS Payment Group Brings Crypto to Charging Stations

50,000 electric car charging stations across Europe will begin accepting crypto payments within three years. Mobile payment solutions provider HIPS Payment Group has entered into a partnership with Vourity, a firm based in Sweden which deals in unattended payment solutions like EV stations.

Altcoin giant Ethereum is in pole position to become the first accepted cryptocurrency, as hinted by Vourity who uploaded a picture of a payment terminal with the Ethereum logo upon it.

Payments made through Vourity’s EV charging stations will connect to the blockchain through HIPS’ merchant utility token and its Merchant Protocol Gateway on Ethereum and Solana.

Hans Nottehed, the CEO of Vourity, on the topic of potentially accepted cryptos, revealed: “we are currently evaluating what cryptos/coins we will support. It will be converted to fiat”.

Enjin Coin Is Going Carbon Negative

Enjin, a blockchain, gaming, and NFT platform have joined the Crypto Climate Accord with the pledge of reducing its carbon emissions. Cryptocurrencies have contributed to environmental damage, with mining activities consuming more energy than the states like Argentina, Norway, and Poland.

Backed by 20 blockchain and FinTech firms, the Crypto Climate Accord addresses the growing energy consumption of cryptocurrencies and the negative impact it has on the environment. Going carbon-negative will make crypto more accepted in clean energy circles like EV.

On the Flipside

  • It will take some time before cryptocurrencies push their carbon emissions down and some organizations will not consider partnerships until then.
  • The mining crackdown in China has affected the price of cryptocurrencies and some investors are scared to pump in money or back projects.

Enjin Coin Is Going Carbon Negative

Cryptocurrencies have had a disastrous second quarter as bitcoin lost 46% of its value. This year, cryptos hit an all-time high market capitalization of over $2.5 trillion, but the crackdown of mining activities in the cities of China, due to environmental concerns, has catalysed the downtrend.

The news that electric vehicle charging stations will accept crypto as payment indicates that cryptocurrencies are still being accepted by clean energy amidst pledges to reduce carbon emissions in fulfilment of the Crypto Climate Accord.

The price of crypto is expected to surge once more, especially if Tesla retracts their block on Bitcoin payments.

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A Green Future Is Coming: Charging Stations to Accept Crypto
 

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