WeWork Founder Raises $70M USD For Blockchain Carbon-Credit Trading Platform
Leading the funding was investment firm a16z.
Former CEO and Founder of WeWork Adam Neumann announced the launch of a carbon-credit Blockchain-based platform Flowcarbon. Its objective is to protect the earth’s natural carbon sinks and finance planet-saving projects. Leading the initial investment round is a16z’s crypto fund.
Huge thanks to our incredible investors for believing in our mission?? We started Flowcarbon to scale the carbon market — the single most immediate solution to climate change. It’s a big idea but we have the best partners to help us get there @AriannaSimpson @cdixon @htaneja https://t.co/WEChxwykYu
— Flowcarbon (@weareflowcarbon) May 24, 2022
The platform is building an on-chain carbon credit tokenization system through an open-source protocol that allows equal access to all interested market participants. It allows anyone to come to the platform and tokenized their certified off-chain carbon credits, this unlocks new economic opportunities and promotes sustainability.
“There are powerful economic incentives to destroy and degrade critical natural landscapes around the world, but the voluntary carbon market is a brilliant financial mechanism that creates a counterbalancing incentive to reforest, revitalize and protect nature,” said Dana Gibber, CEO of Flowcarbon.
Flowcarbon encourages the acquisition of off-chain carbon offset credits for the conversion to on-chain credits that can be tokenized and used to purchase ERC-20 tokens. The platfrom will also have its own native token, Goddess Nature Token (GNT), that is fully backed by the live value of its off-chain carbon credits. GNT will have use cases like acting as collateral for lending, an asset for protocol treasuries, reserve applications for stablecoins, or as an on-chain offset.