Highly controversial WeWork Founder Adam Neumann is now back with more than $70 million in funding for a new crypto tech initiative that offers tokens linked to carbon offsets.
The Goddess Nature Token (GNT) that runs on the Celo Blockchain is exchanged for carbon. Neumann raises money for Flowcarbon, his new crypto startup, from private token sales and venture capital.
More so, the company secured $38 million from the presale of the GNT. Another $32 million closed from a venture capital round.
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From WeWork To Flowcarbon
Following the flop of his initial public offering and being deposed from WeWork, Neuman has launched this new crypto venture called Flowcarbon that is geared towards pulling in the voluntary carbon market to the blockchain.
GNT pegged to certified carbon offsets are issued by eco-friendly projects or nature-based companies. The credits traded in the carbon market should gain or offshoot at $700 million in 2027.
Neumann is back with more than $70 million in funding for Flowcarbon (Coincu News).
The carbon market credits constantly trade until the end-users claim them. GMT has diverse uses such as for lending or borrowing, can be redeemed for real-world products and services, or traded or sold in the marketplace.
The Flowcarbon project has this dream of allowing carbon trading to become easily accessible to everyone by placing carbon credits right on the blockchain.
Set Up For A Major Comeback
WeWork started strong in 2010 and was even labeled a unicorn in the industry by Fortune magazine. Forbes even tagged them in 2014 as “the fastest-growing lessee of new space in America.”
Everything seems to have crashed since 2019 when they started this IPO which revealed their sloppy leadership, management strategies and financial losses.
After that, WeWork had to cut losses and decided to lay off 3,000 employees and sell some of their acquired businesses and even their private jet.
Crypto total market cap at $1.24 trillion on the daily chart | Source: TradingView.com
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Top investors panicked and started fleeing WeWork. Nobody figured out that they were set for a comeback this year.
Now, Neuman has resurfaced with an ambitious startup along with his wife Rebekah Neumann as co-founder of Flowcarbon, along with COO Caroline Klatt and Dana Gibber as CEO.
The startup capitalizes on carbon trading, engineered to lessen greenhouse gas emissions that add to the worsening state of global warming.
This nature-based startup comes with a brand-new strategy and facelift for Neumann.
Featured image from JackOfAllTechs.com, chart from TradingView.com