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.

Crypto and the environment. Image: Shutterstock

WeWork Founder Raises $70M for Carbon Credit Crypto Project, a16z Leads Round

WeWork founder and former CEO Adam Neumann, who resigned amid controversy prior to the company's initial public offering, has launched a crypto startup. His new venture, Flowcarbon, aims to bring the voluntary carbon market to the blockchain. The company just closed a $32 million venture capital round led by a16z, and raised another $38 million via a private presale of the company’s Goddess Nature Token (GNT).  The token is backed by a bundle of certified carbon offset credits issued by nature-b...

NewsBusiness
2 min read
Stacy Elliott

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.

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