Home Blockchain Adam Neumann’s blockchain-based redemption story now sponsored by a16z – TechCrunch

Adam Neumann’s blockchain-based redemption story now sponsored by a16z – TechCrunch

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In a traditional “pivot to crypto to reinvent your self” second, controversial WeWork founder Adam Neumann lately launched a startup, Flowcarbon, to promote tokenized carbon credit on the blockchain.

Enterprise capitalists simply can’t appear to get sufficient of Neumann and his partner/co-founder, Rebekah, who began the corporate alongside its CEO Dana Gibber and two others, Caroline Klatt and Ilan Stern. Now, Flowcarbon says it has raised $70 million in funding led by Andreessen Horowitz’s crypto division (a16z crypto) by means of a mix of conventional VC fairness and a token sale.

Common Catalyst, Samsung Subsequent, 166 2nd, Sam and Ashley Levinson, RSE Ventures and Allegory Labs participated alongside a16z within the enterprise spherical, the corporate mentioned, with Fifth Wall, Field Group and the Celo Basis collaborating within the token sale.

Flowcarbon’s protocol helps tasks promote tokenized carbon credit to firms seeking to scale back their carbon footprint. The credit can then be traded on crypto exchanges, the corporate says.

Why put these credit on-chain, although? Proponents, together with Gibber, say doing so permits tasks that present these credit to extra simply increase capital and boosts transparency for patrons.

Of the entire funds raised on this spherical, $32 million got here from enterprise capital corporations and $38 million from the sale of Flowcarbon’s Goddess Nature Token (GNT), a crypto token on the Celo blockchain backed by carbon credit, Reuters reported. GNT’s underlying carbon credit are pre-certified by trade teams together with Verra, Gold Normal, Local weather Motion Reserve and the American Carbon Registry and are then offered in bundles to firms, in accordance with Reuters.

Gibber instructed Reuters that carbon credit score suppliers pay a 2% tokenization charge to Flowcarbon to promote their credit on-chain, decrease than the associated fee they’d incur when promoting these credit by means of conventional channels, which could be as much as 30% of the undertaking worth.

The credit score will also be remoted from the bundle and delivered bodily to a token holder if that holder needs to promote it off-chain, in accordance with Gibber.

The corporate is taking part in in a crowded house, as plenty of startups have hopped on board with crypto’s regenerative finance (ReFi) motion, which seeks to leverage blockchain expertise to unravel environmental points. Initiatives like ToucanRegen, Moss and KlimaDAO are all engaged on crypto-based carbon credit score options.

A non-public sale of Flowcarbon’s GNT token ends in two days, and the corporate is at present permitting folks to pre-register for an upcoming public sale of GNT, in accordance with its web site.

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