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Adam Neumann’s blockchain-based redemption story now sponsored by a16z | #1 Technology News Source by Kalen2utech
Published On: Wed, May 25th, 2022

Adam Neumann’s blockchain-based emancipation story now sponsored by a16z

In a classical “pivot to crypto to reinvent yourself” moment, argumentative WeWork owner Adam Neumann recently launched a startup, Flowcarbon, to sell tokenized CO credits on a blockchain.

Venture capitalists only can’t seem to get adequate of Neumann and his spouse/co-founder, Rebekah, who started a association alongside a CEO Dana Gibber and dual others, Caroline Klatt and Ilan Stern. Now, Flowcarbon says it has lifted $70 million in appropriation led by Andreessen Horowitz’s crypto multiplication (a16z crypto) by a multiple of normal VC equity and a token sale.

General Catalyst, Samsung Next, 166 2nd, Sam and Ashley Levinson, RSE Ventures and Allegory Labs participated alongside a16z in a try round, a association said, with Fifth Wall, Box Group and a Celo Foundation holding partial in a token sale.

Flowcarbon’s custom helps projects sell tokenized CO credits to companies looking to revoke their CO footprint. The credits can afterwards be traded on crypto exchanges, a association says.

Why put these credits on-chain, though? Proponents, including Gibber, contend doing so allows projects that yield these credits to some-more simply lift collateral and boosts clarity for buyers.

Of a sum supports lifted in this round, $32 million came from try collateral firms and $38 million from a sale of Flowcarbon’s Goddess Nature Token (GNT), a crypto token on a Celo blockchain corroborated by CO credits, Reuters reported. GNT’s underlying CO credits are pre-certified by attention groups including Verra, Gold Standard, Climate Action Reserve and a American Carbon Registry and are afterwards sole in bundles to companies, according to Reuters.

Gibber told Reuters that CO credit providers compensate a 2% tokenization price to Flowcarbon to sell their credits on-chain, reduce than a cost they’d catch when offered these credits by normal channels, that can be adult to 30% of a plan value.

The credit can also be removed from a gold and delivered physically to a token hilt if that hilt wants to sell it off-chain, according to Gibber.

The association is personification in a swarming space, as lots of startups have hopped on house with crypto’s regenerative financial (ReFi) movement, that seeks to precedence blockchain record to solve environmental issues. Projects like Toucan, Regen, Moss and KlimaDAO are all operative on crypto-based CO credit solutions.

A private sale of Flowcarbon’s GNT token ends in dual days, and a association is now permitting people to pre-register for an arriving open sale of GNT, according to a website.

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