Flowcarbon, co-founded by former WeWork CEO, refunds traders after failed token launch

• Flowcarbon have refunded traders after failing to launch the Goddess Nature Token (GNT).
• The GNT token was meant to tokenize carbon credit however confronted market and regulatory challenges.
• Flowcarbon raised $70M in funding however continues to face delays within the carbon market.

Flowcarbon, a blockchain-based carbon credit score platform co-founded by former WeWork CEO Adam Neumann, has begun refunding traders after the extremely anticipated launch of its “Goddess Nature Token” (GNT) was cancelled.

The startup, which promised to revolutionize carbon markets by tokenizing carbon credit, cited powerful market situations and resistance from carbon registries as the first causes behind the failure to launch.

The failed GNT token launch

Some traders, together with the outstanding enterprise capital agency Andreessen Horowitz, have been ready over a yr for the launch, which by no means materialized.

The refunds, confirmed by Flowcarbon’s spokesperson reportedly started a number of weeks in the past. In keeping with the spokesperson, the refunds to retail GNT patrons have been prepared since final yr however have been delayed on account of delays within the business.

Notably, the refund course of required purchasers to signal waivers of claims towards the corporate and comply with confidentiality phrases.

The GNT was designed to be backed 1:1 with carbon credit, certificates that giant firms use to offset their carbon emissions. Tokenizing these credit would have allowed broader investor participation within the carbon market.

Regardless of its promising idea, Flowcarbon failed to beat the technical and regulatory challenges related to the challenge.

Nonetheless, regardless of the setback, Flowcarbon stays lively within the local weather finance sector. The startup raised $70 million in Collection A funding in Might 2022, with main backers like Andreessen Horowitz, Normal Catalyst, and Samsung NEXT. Whereas a minimum of $38 million of that sum got here from the sale of Flowcarbon’s token, it stays unclear if retail traders have been included.

The broader marketplace for vitality and environment-related tokens at present holds a market cap of $186 million, with Powerledger’s POWR and Vitality Internet’s EWT accounting for 94% of that worth.