Highly 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.
More so, the corporate secured $38 million from the presale of the GNT. Another $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 the direction of pulling within the voluntary carbon market to the blockchain.
GNT pegged to licensed carbon offsets are issued by eco-friendly initiatives or nature-based corporations. The credit traded within the carbon market ought to achieve or offshoot at $700 million in 2027.
Neumann is again with greater than $70 million in funding for Flowcarbon (Coincu News).
The carbon market credit always commerce till the end-users declare them. GMT has various makes use of equivalent to for lending or borrowing, will be redeemed for real-world services, or traded or bought within the market.
The Flowcarbon venture has this dream of permitting carbon buying and selling to develop into simply accessible to everybody by putting carbon credit proper on the blockchain.
Set Up For A Major Comeback
WeWork began sturdy in 2010 and was even labeled a unicorn within the business by Fortune journal. Forbes even tagged them in 2014 as “the fastest-growing lessee of new space in America.”
Everything appears to have crashed since 2019 once they began this IPO which revealed their sloppy management, administration methods and monetary losses.
After that, WeWork needed to minimize losses and determined to put off 3,000 staff and promote a few of their acquired companies and even their personal jet.
Crypto whole market cap at $1.24 trillion on the day by day chart | Source: TradingView.com
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Top buyers panicked and began fleeing WeWork. Nobody discovered that they had been set for a comeback this yr.
Now, Neuman has resurfaced with an bold startup alongside along 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 minimize greenhouse gasoline emissions that add to the worsening state of worldwide warming.
This nature-based startup comes with a brand-new technique and facelift for Neumann.
Featured picture from JackOfAllTechs.com, chart from TradingView.com