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Finance

Energy Web Token Jumps 25% After BlackRock Gives Decarbonization Project a Shoutout

The nonprofit that issues the coin received praise from BlackRock for trying to reduce bitcoin mining emissions.

By Elizabeth Napolitano
AccessTimeIconAug 11, 2022 at 3:03 p.m. UTC
Updated May 11, 2023 at 6:46 p.m. UTC
(Energy Web)

(Energy Web)

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The energy web token (EWT) jumped 25% to a high of $3.18 Thursday after it was mentioned in a BlackRock press release.

The release detailed BackRock’s plans to create a spot bitcoin private trust for U.S. institutional investors before praising Energy Web’s potential to introduce less environmentally damaging bitcoin mining strategies. Energy Web is a nonprofit that builds operating systems for energy grids.

“BlackRock is encouraged that organizations such as RMI and Energy Web are developing programs to bring greater transparency to sustainable energy usage in bitcoin mining, and will follow progress around those initiatives,” the release read, referring to RMI, an energy sustainability advocacy group.

The press release follows last week’s announcement that BlackRock, the world’s largest asset manager, has established a partnership with crypto exchange Coinbase Global (COIN) to offer cryptocurrencies to BlackRock's institutional investors.

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Elizabeth Napolitano
Elizabeth Napolitano

Elizabeth Napolitano is a news reporter at CoinDesk.

Follow @LizKNapolitano on Twitter

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