Wework Co-Founder Adam Neumann's Crypto Project Secures $70M, Funding Round Led by A16z - Cryptocurrency
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The co-founder of the corporate Wework, Adam Neumann, is behind a brand new crypto mission referred to as Flowcarbon and on Tuesday, the blockchain mission revealed it raised $70 million from a handful of buyers and was led by Andreessen Horowitz (A16z). Flowcarbon’s chief govt Dana Gibber says the mission’s efforts present a “sensible monetary mechanism that creates a counterbalancing incentive to reforest, revitalize and shield nature.”
Adam Neumann Backed Crypto Undertaking Flowcarbon Raises $70 Million
A mission backed by Adam Neumann, the co-founder and former Wework govt raised $70 million from strategic buyers, based on an announcement revealed on Tuesday. Neumann is a controversial character for his position in the corporate in 2019 when it was found the agency couldn’t flip a revenue. In September 2019, Wework filed an S-1 submitting for an preliminary public providing (IPO) inventory launch and Neumann resigned from his CEO place. Flowcarbon is a mission Neumann co-founded together with his partner Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt.
Flowcarbon was co-founded by Adam Neumann his partner Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt. Neumann is thought for founding Wework.
Flowcarbon is all about fixing the worldwide local weather disaster and calls itself a “pioneering local weather expertise firm working to construct market infrastructure in the voluntary carbon market (VCM).” It goals to tokenize the carbon credit score trade and the corporate raised $70 million in enterprise capital and from the personal sale of its carbon-backed token. The corporate announcement notes that Flowcarbon’s financing was led by Andreessen Horowitz’s subsidiary A16z crypto unit.
The funding spherical additionally noticed participation from Invesco Non-public Capital, Common Catalyst, Samsung Subsequent, Sam and Ashley Levinson, RSE Ventures, Kevin Turen, and Allegory Labs. The token sale noticed investments from Field Group, Celo Basis, and Fifth Wall. The corporate implements carbon credit into the Celo blockchain and converts them to tokens referred to as goddess nature token (GNT). The objective is to make the carbon credit score voluntary but in addition “extra clear, liquid and accessible,” based on the web site’s abstract.
On Tuesday, Flowcarbon’s announcement notes:
Flowcarbon’s mission is to drive billions of {dollars} on to initiatives that scale back or take away carbon from the environment by creating the primary open protocol for tokenizing reside, licensed carbon credit from initiatives across the globe.
A16z Common Companion Says Flowcarbon ‘Is a New Financial Flywheel for Sustainability’
The CEO of Flowcarbon, Dana Gibber, defined there are “highly effective financial incentives to destroy and degrade important pure landscapes world wide.” Nonetheless, a VCM like Flowcarbon’s might counterbalance these incentives, based on Gibber. Along with Flowcarbon’s financing announcement, Andreessen Horowitz’s (A16z) Arianna Simpson revealed a weblog submit about A16z investing in Flowcarbon. Simpson mentioned that the Flowcarbon mission unlocks “a brand new financial flywheel for sustainability.” The overall associate at Andreessen Horowitz who invests in crypto additional remarked:
Consumers can buy ERC20 tokens backed by a bundle of licensed carbon credit issued in the final 5 years from initiatives that shield and restore nature.
Flowcarbon’s funding spherical, led by A16z and the handful of different buyers, racked up a complete of $32 million. The rest of the $70 million raised stemmed from the goddess nature token (GNT) sale. Flowcarbon’s web site says GNT is 1:1 backed as “every GNT token is backed by 1 carbon credit score from a carbon removing or discount mission.” Each carbon credit score retains “real-world worth” and the corporate claims they’re “licensed by the main carbon credit score issuers.”
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Jamie Redman
Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com Information concerning the disruptive protocols rising as we speak.
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