- Flowcarbon’s token launch possibly on hold indefinitely
- Owing to the same, company refunded its investors
As a seasoned researcher who has seen my fair share of startup ventures, both successful and unsuccessful, I find myself reflecting on Flowcarbon’s predicament with a mix of intrigue and a touch of sympathy. The story of Adam Neumann’s carbon credits start-up is one that resonates deeply with me, given my passion for climate change mitigation and the blockchain technology.
Today, Flowcarbon – the carbon credits startup established a few years ago and backed by firms like a16z – is making headlines once more. This follows a Forbes report suggesting that the company is now reimbursing investors due to its inability to launch the crypto token GNT (Goddess Nature Token). The startup aimed to combat climate change by integrating carbon credits onto the blockchain.
In the given context, at that point in time, the ex-CEO of WeWork was planning to channel large sums of money, estimated to be billions, through GNT (presumably a funding platform or currency) into ventures focusing on minimizing their carbon impact.
Even though it’s been two years since, the token still hasn’t been launched, and it appears as if it won’t be launched at all now. This, even though a16z invested over $70 million in it a few years back.
Due to unmet circumstances such as market instability and resistance from carbon registries, the company is now returning the money to those who bought the GNT token, as the anticipated launch unfortunately did not materialize. According to Flowcarbon insiders, these were the primary factors that prevented the launch. This information was communicated to investors through Zoom meetings, with Flowcarbon opting to return the funds instead of keeping them indefinitely.
It’s noteworthy that Flowcarbon tried to introduce GNT in 2022, but due to the Terra LUNA incident happening around the same time, the launch didn’t go as planned. Dana Gibber, CEO of Flowcarbon, mentioned that they were holding off on the move because they wanted the market conditions to become more stable first.
The aforementioned report went on to claim,
In the course of receiving their refunds, buyers of Goddess Nature Tokens were required to agree to a document that contained two key elements: a waiver which released Flowcarbon and its associates from any potential claims, and a confidentiality agreement.
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2024-09-12 18:47