Carbon credit crypto startup , co-founded by WeWork’s Adam Neumann, has announced that it is delaying its token launch.
Earlier in May, the company had raised $70 million in a funding round led by venture capital firm a16z.
According to reports by The Wall Street Journal, the firm has decided to “wait for markets to stabilise” and not move ahead in the crypto winter period.
Along with Adam Neumann, his wife Rebekah Neumann, Dana Gibber and Caroline Klatt are listed as the co-founders of FlowCarbon.
Dana Gibber, CEO and Co-founder of FlowCarbon, told The Wall Street Journal, “The token launch, expected by the end of June, has been shelved indefinitely.”
The firm, in the previous funding round, had closed $32 million and raised another $38 million via a private presale of the company’s Goddess Nature Token. Investors, including General Catalyst, Samsung Next, RSE Ventures, and Allegory Labs, were part of the funding round.
The firm intends to offer tokenised carbon credits to companies aiming to lower their carbon footprint. The credits can then be traded on cryptocurrency exchanges. The company claims that the credits are traded until they are redeemed by the user, who can then claim the offset’s environmental impact. The token can be sold or redeemed for an underlying real-world credit.
In recent years, several new ventures, including Klima DAO, OffsetFarm, JustCarbon, and Carbon Interface, have come up in this space. Recently, Toucan Protocol and KlimaDAO partnered to launch Nature Carbon Tonne, but, in February, the firms froze the launch due to market conditions.
