- Flowcarbon’s token launch possibly on hold indefinitely
- Owing to the same, company refunded its investors
Adam Neumann’s Flowcarbon, the carbon credits start-up that was set up a few years ago thanks to backing from the likes of a16z is in the news again today. This, after a Forbes report claimed that is now refunding investors after it failed to launch the crypto token GNT or Goddess Nature Token. The start-up was launched with an aim to mitigate climate change by bringing carbon credits to the blockchain.
At the time, the former WeWork CEO’s start-up intended to use GNT to drive billions of dollars into projects that have been working towards reducing their carbon footprint.
And yet, despite 2 years having passed since, the token hasn’t launched. And in fact, it would seem it will never launch now. This, despite raising upwards of $70 million from a16z a few years ago.
Owing to the same, the firm is now refunding people who purchased the GNT token and awaited a launch that never came to be. According to sources within Flowcarbon, “market conditions” and and “resistance from carbon registries” are two of the reasons why the launch never happened. This information was relayed to investors via Zoom calls, with Flowcarbon choosing to give back the funds, rather than holding them indefinitely.
Here, it’s worth pointing out that the firm did attempt to launch GNT back in 2022. However, this was within months of the Terra LUNA episode so, it didn’t quite work out. At the time, CEO Dana Gibber had claimed that Flowcarbon was waiting for the markets to stabilize before it took this step.
The aforementioned report went on to claim,
“As part of the refund process, Goddess Nature Token purchasers were asked to sign a release including a broad waiver of claims against Flowcarbon and its affiliates, as well as confidentiality terms.”
