Several blockchain projects and protocols are making their way into the digital industry. These new projects intend to cash on the opportunities provided by the increasing scope of blockchain. Similarly, the co-founder of Wework, Adam Neumann has also come up with his own cryptocurrency project, Flowcarbon.
The project is yet to hit the market, as currently, its private pre-sale is going on. Flowcarbon aims to offer climate solutions that are powered by blockchain technology. It will link the crypto market with carbon on-chain to offer several planet-saving projects. The ultimate goal of Flowcarbon is to help people in reaching zero carbon status. Also, it will facilitate triggering more climate change actions for protecting the planet.
Flowcarbon raises $70 million in funds
The newly introduced project is receiving support from several investors. In a recent funding round from Andreessen Horowitz (A16z), Flowcarbon has managed to attract $70 million in funds. These funds were issued by strategic investors and partners of the project. The chief executive of Flowcarbon, Dana Gibber states that this funding round will offer a financial infrastructure that will help in protecting and revitalizing nature.
Adam Neumann is the brains behind the Flowcarbon project. However, he has been surrounded by several controversies for his previous leading role at Wework. Back in 2019, it was established that Wework cannot make a profit. Therefore, the company later filed for S-1 filing for an initial public offering (IPO) stock launch. Following this, Neumann resigned from his post as the company’s Chief Executive Officer.
Nonetheless, Neumann has now co-founded Flowcarbon with his spouse Rebekah, Ilan Stern, Carolina Klatt, and Dana Gibber. The project is directly linked with sustainable climate goals and targets. It projects itself as a climate technology company that will tokenize the carbon credit industry. Moreover, raising $70 million in venture capital through private sales is a big start for the company. This indicates that the project is all set to make a strong impact in the blockchain arena.
The funding round of Flowcarbon was led by Andreessen Horowitz’s A16z cryptocurrency unit. Different firms and investing groups participated in this round. These include General Catalyst, RSE Ventures, Invesco Private Capital, Samsung Next, Allegory Labs, and Kevin Turen. The Celo Foundation, Box Group, and Fifth Wall also invested in the project. Flowcarbon utilizes the Celo blockchain to implement carbon credits and convert them to the Goddess Nature Token (GNT). The project aims to make these carbon credits transparent, accessible, and liquid.
Flowcarbon aims to support carbon removing projects
One of the most significant goals for Flowcarbon is to drive investments into projects that minimize or eliminate carbon from the atmosphere. These projects tokenize carbon credits around the world to achieve this goal. Therefore, large investments will help them in gathering the resources, equipment, and expertise for their projects.
The team at Flowcarbon is adamant about pursuing its goals for environmental sustainability and protection. There are various reasons and factors that have contributed to environmental degradation. Most of these were linked to the economic benefits of organizations or individuals. However, projects like Flowcarbon can balance out these adversities. It also has the tendency to offer economic advantages to projects that are more environmentally friendly.
The financing support from Andreessen Horowitz’s A16z has given a boost to the project. The funding round accumulated $32 million from the support of investors, and the remaining amount was collected from the presale of the GNT tokens. Flowcarbon claims that each GNT token is backed by one carbon credit. These carbon credit tokens have real-life value as well. Moreover, the project also said that the carbon credits have the desired certification from authentic issuers.
Climate-focused blockchain projects are gaining more relevance and recognition among consumers. It is an indication that these projects are the need of the hour due to the deteriorating climatic conditions of the world. Under these circumstances, projects like Flowcarbon can play a significant role. However, their success depends on achieving desired short and long-term targets.
Source: https://www.cryptopolitan.com/flowcarbon-raises-70-million-a16zs-funding/