Jul 1, 2022

WeWork Founder Raises $70M for New Crypto Startup

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WeWork Founder Raises $70M for New Crypto Startup

New cryptocurrency startup Flowcarbon aims to bring the voluntary market for carbon units to the blockchain.

Founder and former CEOAdam Neumann, an American commercial real estate company WeWork, has launched a cryptocurrency startup. His enterprise Flowcarbon will try to transfer the voluntary market for carbon units to the blockchain. The company has now closed a $32 million venture capital round led by Andreessen Horowitz (a16z) and raised an additional $38 million through the pre-sale of the Goddess Nature Token (GNT).

Voluntary American Market for Carbon Unitsprovides companies with a tool to offset their carbon footprint by purchasing carbon credits. Many companies that are not yet able to reduce their carbon footprint on their own are purchasing points to compensate for the damage to the environment. Most of them buy loans on a voluntary basis.

“There is a strong economic trendwhich contributes to the destruction and degradation of important natural landscapes around the world, but the voluntary market for carbon credits is a brilliant financial mechanism that creates a balancing incentive for reforestation, revitalization and protection of nature,” says Flowcarbon CEO Dana Gibber (Dana Gibber).

Flowcarbon says their GNT tokenbacked by a package of certified carbon offset credits issued by environmental authorities over the past five years. The company says that the token can be sold, used for borrowing and lending, or exchanged for basic real credit. When the token is launched, it will run on the Celo blockchain.

Earlier, the developers of the second layer solution for the Polygon Ethereum network allocated $20 million to minimize the negative impact of carbon dioxide emissions on the environment.