The co-founder of the company Wework, Adam Neumann, is behind a new crypto project called Flowcarbon and on Tuesday, the blockchain project revealed it raised $70 million from a handful of investors and was led by Andreessen Horowitz (A16z). Flowcarbon’s chief executive Dana Gibber says the project’s efforts provide a “brilliant financial mechanism that creates a counterbalancing incentive to reforest, revitalize and protect nature.”
Flowcarbon’s mission is to drive billions of dollars directly to projects that reduce or remove carbon from the atmosphere by creating the first open protocol for tokenizing live, certified carbon credits from projects around the globe.
Buyers can purchase ERC20 tokens backed by a bundle of certified carbon credits issued in the last five years from projects that protect and restore nature.
Flowcarbon’s funding round, led by A16z and the handful of other investors, racked up a total of $32 million. The remainder of the $70 million raised stemmed from the goddess nature token (GNT) sale. Flowcarbon’s website says GNT is 1:1 backed as “each GNT token is backed by 1 carbon credit from a carbon removal or reduction project.” Every carbon credit retains “real-world value” and the company claims they are “certified by the leading carbon credit issuers.”
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