Ex-WeWork CEO co-founded Flowcarbon refunds traders after failed token launch

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  • Flowcarbon has refunded traders following a failed launch of its Goddess Nature Token (GNT).
  • The GNT token aimed to tokenize carbon credit however confronted market and regulatory challenges.
  • Flowcarbon has raised $70 million in funding however continues to face delays within the carbon markets.

Flowcarbon, a blockchain-based carbon credit score platform co-founded by former WeWork CEO Adam Neumann, has begun refunding traders following the cancellation of its extremely anticipated “Goddess Nature Token (GNT)” launch.

The startup, which promised to revolutionize the carbon market by tokenizing carbon credit, cited powerful market situations and resistance from carbon registries as the principle causes for its failed launch.

GNT token launch fails

Some traders, together with outstanding enterprise capital agency Andreessen Horowitz, had been ready for the launch for over a yr, nevertheless it by no means occurred.

A Circulation Carbon spokesperson confirmed that refunds started a number of weeks in the past, and stated refunds for retail GNT consumers had been within the works since final yr however had been delayed on account of trade delays.

Specifically, the refund course of required the purchaser to signal a waiver of claims towards the corporate and comply with confidentiality phrases.

GNT was designed to be backed 1:1 by carbon credit, the certificates utilized by giant companies to offset their carbon emissions. Tokenizing these credit will enable a wider vary of traders to take part within the carbon markets.

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Regardless of the promising idea, Flowcarbon was unable to beat the technical and regulatory challenges related to the mission.

However regardless of this setback, FlowCarbon continues to function within the local weather finance area. The startup raised $70 million in Sequence A funding in Could 2022 from key backers together with Andreessen Horowitz, Basic Catalyst, and Samsung Subsequent. At the very least $38 million of that got here from FlowCarbon's token sale, although it's unclear if retail traders had been included.

The full market cap of power and environmental tokens is presently $186 million, with Powerledger’s POWR and Power Net’s EWT accounting for 94% of that worth.

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