WeWork Founder Raises $70M for New Crypto Startup

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

Founder and former CEOAmerican commercial real estate company WeWork Adam Neumann launched a cryptocurrency startup. His venture, Flowcarbon, will try to move the voluntary carbon market to 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 Carbon Marketunits provides companies with a tool to offset their carbon emissions by purchasing carbon credits. Many companies that are not yet able to reduce their carbon footprint themselves are purchasing points to compensate for the harm to the environment. Most purchase loans on a voluntary basis.

"There is a powerful economic trendis contributing to the destruction and degradation of important natural landscapes around the world, but the voluntary carbon market is a brilliant financial mechanism that creates a countervailing incentive for reforestation, revitalization and protection of nature,” says Flowcarbon CEO Dana Gibber.

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

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