- Flowcarbon issues refunds due to failed Goddess Nature Token launch.
- High-profile investors, including a16z, affected by token launch delays.
Flowcarbon, a blockchain-based carbon credit platform co-founded by former WeWork CEO Adam Neumann, is reportedly refunding investors following the failed launch of its “Goddess Nature Token” (GNT). According to Forbes, the company has started issuing refunds in recent weeks after facing delays that prevented the token from launching as planned.
In May 2022, Flowcarbon completed a $70 million financing round, with at least $38 million raised through token sales. Notable investors included Andreessen Horowitz (a16z) and Samsung NEXT. However, Flowcarbon has struggled with “market conditions and resistance from carbon registries,” leading to the decision to offer refunds.
Moreover, Investors, including a16z, have been contacted about receiving their money back. The refund process involves signing a waiver of claims against Flowcarbon and its affiliates, along with confidentiality agreements.
Diving In Deep
Flowcarbon’s GNT was intended to be backed 1:1 by carbon credits—certificates representing the removal or prevention of a metric ton of CO2 emissions. The goal was to tokenize these credits to broaden market access. Despite high demand for the token, the launch has been postponed indefinitely. It is with Flowcarbon opting to wait for more stable market conditions.
A Flowcarbon spokesperson stated that the company had been offering refunds since last year due to industry delays and remains focused on its mission in carbon finance. The token’s presale saw significant interest, with $38 million raised in that phase alone.
Despite these challenges, Flowcarbon continues to work towards its vision of revolutionizing carbon markets, with hopes of overcoming current obstacles and achieving its long-term goals in climate finance. The company states that it remains committed to innovation in the carbon sector as it navigates the complexities of integrating blockchain technology.
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