PYPL - DMG Blockchain Solutions Announces Collaboration with PayPal to Decarbonize the Bitcoin Blockchain | Benzinga
VANCOUVER, British Columbia, April 24, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSXV:DMGI) (OTC:DMGGF) (FRANKFURT: 6AX), a vertically integrated blockchain and data center technology company, has announced a strategic collaboration with PayPal (NASDAQ:PYPL) (www.paypal.com) and Energy Web (EWT) (www.energyweb.org) to explore ways to decarbonize the Bitcoin blockchain. The companies are working together on developing methods for transacting on the Bitcoin network which would expand its use as a carbon neutral payment rail, thus advancing its application.
DMG, Energy Web, and PayPal are working together to publish a research paper, which we collectively believe will benefit users of the Bitcoin network who would like to take advantage of carbon neutral options in their transactions. PayPal, with its focus on developing its bitcoin payment rail, has been a leader in new payment technologies with the introduction of its enhanced services by integrating blockchain technology, launching the PayPal USD (PYUSD) stablecoin with Paxos Trust Company in August 2023 for efficient transactions.
Energy Web, an independent non-profit that develops open-source software for clean energy solutions, launched its Green Proofs for Bitcoin (GP4BTC), a first-of-its kind initiative to establish an independent, standardized energy measurement system for the Bitcoin mining industry, of which DMG was one of the first five companies to receive a Clean Energy Score.
DMG, with its focus on a carbon neutral bitcoin mining pool and technology to move bitcoin between users without adding carbon to their transactions, brings its unique technology stack and experience in Bitcoin Core software engineering. PayPal, Energy Web and DMG, each with its own domain expertise, are proud of the success in testing achieved so far and are keen to let the wider community review the progress in this "Green Mining Initiative."
DMG's CEO Sheldon Bennett commented, "We are pleased to be devoting resources to this collaboration with PayPal as well as Energy Web, which complements our ongoing efforts to decarbonize the Bitcoin blockchain. As DMG is already an industry leader with Terra Pool, the industry's first carbon-neutral mining pool with Petra, a transaction technology that leverages Terra Pool, we are excited to work with a large enterprise partner; PayPal's extensive capabilities will undoubtedly accelerate the advancements we have initiated, significantly advancing our sustainable practices forward."
Edwin Aoki, Chief Technology Officer of PayPal's Blockchain, Crypto and Digital Currency Group, added "We are excited to be working with DMG to explore solutions to reduce the carbon footprint of decentralized financial networks globally. Their Bitcoin network software development expertise and access to carbon neutral mining infrastructure are valuable building blocks towards a more sustainable crypto ecosystem."
Energy Web's Chief Executive Officer, Jesse Morris commented, "Collaborating with DMG's innovative approach to blockchain sustainability sets a robust example for the industry. Having industry leaders like DMG actively engaging in our initiatives significantly enhances our efforts to integrate sustainable practices across all facets of blockchain technology."
In working with PayPal, DMG hopes to establish a new industry standard ...