Extremely controversial WeWork Founder Adam Neumann is now again with greater than $70 million in funding for a brand new crypto tech initiative that provides tokens linked to carbon offsets.
The Goddess Nature Token (GNT) that runs on the Celo Blockchain is exchanged for carbon. Neumann raises cash for Flowcarbon, his new crypto startup, from personal token gross sales and enterprise capital.
Extra so, the corporate secured $38 million from the presale of the GNT. One other $32 million closed from a enterprise capital spherical.
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From WeWork To Flowcarbon
Following the flop of his preliminary public providing and being deposed from WeWork, Neuman has launched this new crypto enterprise referred to as Flowcarbon that’s geared in direction of pulling within the voluntary carbon market to the blockchain.
GNT pegged to licensed carbon offsets are issued by eco-friendly tasks or nature-based firms. The credit traded within the carbon market ought to acquire or offshoot at $700 million in 2027.
Neumann is again with greater than $70 million in funding for Flowcarbon (Coincu Information).
The carbon market credit consistently commerce till the end-users declare them. GMT has numerous makes use of reminiscent of for lending or borrowing, may be redeemed for real-world services and products, or traded or bought within the market.
The Flowcarbon venture has this dream of permitting carbon buying and selling to change into simply accessible to everybody by putting carbon credit proper on the blockchain.
Set Up For A Main Comeback
WeWork began sturdy in 2010 and was even labeled a unicorn within the trade by Fortune journal. Forbes even tagged them in 2014 as “the fastest-growing lessee of recent house in America.”
Every little thing appears to have crashed since 2019 after they began this IPO which revealed their sloppy management, administration methods and monetary losses.
After that, WeWork needed to lower losses and determined to put off 3,000 workers and promote a few of their acquired companies and even their personal jet.
Crypto whole market cap at $1.24 trillion on the each day chart | Supply: TradingView.com
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Prime buyers panicked and began fleeing WeWork. No person discovered that they had been set for a comeback this yr.
Now, Neuman has resurfaced with an bold startup alongside together with his spouse Rebekah Neumann as co-founder of Flowcarbon, together with COO Caroline Klatt and Dana Gibber as CEO.
The startup capitalizes on carbon buying and selling, engineered to reduce greenhouse fuel emissions that add to the worsening state of world warming.
This nature-based startup comes with a brand-new technique and facelift for Neumann.
Featured picture from JackOfAllTechs.com, chart from TradingView.com