Flowcarbon, a project to add the voluntary carbon market to the blockchain, has decided to "wait for markets to stabilize" instead of forging ahead in a frigid crypto winter, according to the Wall Street Journal.
The venture from Adam Neumann, who's worth $2 billion despite steering WeWork off a cliff, raised $70 million in May from a group of investors that includes a16z.
Among that sum, $38 million came from a private presale of Flowcarbon's Goddess Nature Tokens (GNT), which are backed by a bundle of certified carbon offset credits. The token launch, expected by the end of June, has been shelved indefinitely, co-founder Dana Gibber told the Journal.
The market for carbon credits, according to a 2021 report from McKinsey, could be worth $50 billion by 2030.
Since November, the total market cap of all cryptocurrencies has fallen by roughly two-thirds, forcing many firms to fire employees (although some still are hiring) or face bankruptcy or beg for a bailout.