Flowcarbon, the blockchain startup of former WeWork head Adam Neumann, delayed the launch of products due to unfavorable market conditions. The Wall Street Journal reported this, with Dana Gibber, the company’s co-founder and CEO, explaining.
Flowcarbon is focused on creating a market for carbon credits based on distributed ledger technology. The majority of these instruments are sold through brokers or the issuers themselves. Critics say the process is complex and opaque.
“As someone who used to buy credits from brokers, I can say that buying and burning tokens is much, much easier,” said billionaire Mark Cuban in an interview with WSJ.
The startup is developing a platform that allows burning Goddess Nature Token (GNT) tokens to offset CO2 emissions.
The launch of GNT was planned for the end of June 2022, but it has now been postponed indefinitely. According to Gibber, the company decided “wait for markets to stabilise”.
In May 2022 Flowcarbon attracted $70 million from Andreessen Horowitz and other investors.
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