factor
Published: September 12, 2024
Adam Neumann’s Flowcarbon, the carbon credits start-up that was established a couple of years ago thanks to backing from the similarity a16z remains in the news once again today. This, after a Forbes report declared that is now reimbursing financiers after it stopped working to introduce the crypto token GNT or Goddess Nature Token. The start-up was released with a goal to alleviate environment modification by bringing carbon credits to the blockchain.
At the time, the previous WeWork CEO’s start-up meant to utilize GNT to drive billions of dollars into tasks that have actually been working towards lowering their carbon footprint.
And yet, regardless of 2 years having actually passed considering that, the token hasn’t released. And in reality, it would appear it will never ever release now. This, in spite of raising upwards of $70 million from a16z a couple of years back.
Owing to the very same, the company is now reimbursing individuals who acquired the GNT token and waited for a launch that never ever became. According to sources within Flowcarbon, “market conditions” and “resistance from carbon computer system registries” are 2 of the reasons the launch never ever took place. This info was passed on to financiers by means of Zoom calls, with Flowcarbon picking to return the funds, instead of holding them forever.
Here, it’s worth explaining that the company did effort to introduce GNT back in 2022. This was within months of the Terra LUNA episode so, it didn’t rather work out. At the time, CEO Dana Gibber had actually declared that Flowcarbon was awaiting the marketplaces to support before it took this action.
The abovementioned report went on to claim,
“As part of the refund procedure, Goddess Nature Token buyers were asked to sign a release consisting of a broad waiver of claims versus Flowcarbon and its affiliates, along with privacy terms.”
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