Adam Neumann’s Flowcarbon refunds investors after failure to launch crypto

Flowcarbon, a climate tech startup co-founded by WeWork’s Adam Neumann, is refunding buyers of its crypto token, Goddess Nature Token (GNT), as it never launched.

The 2021 startup said it had raised $70 million in funding from prominent investors, including Andreessen Horowitz, for creating and selling crypto tokens backed 1:1 by carbon credits.

However, delays in the carbon credit industry and resistance from carbon registries led to the cancellation.

Flowcarbon initially paused the token launch following the FTX crypto market crash and warnings from carbon registries in 2022. After waiting for years, it recently decided to refund the GNT investors.

The company has also stopped using Discord due to inappropriate content and now prefers email and Zoom.

Meanwhile, the carbon credit market is booming as countries strive for carbon neutrality. It was valued at over $330 billion in 2022, but tokenization efforts face challenges.