New cryptocurrency startup Flowcarbon aims to bring the voluntary market for carbon units to the blockchain.
Adam Neumann, founder and former CEO of American commercial real estate company WeWork, has launched a cryptocurrency startup. His venture, Flowcarbon, will try to move the voluntary market for carbon credits to the blockchain. Company now closed a $32 million venture capital round led by Andreessen Horowitz (a16z) and raised an additional $38 million through the pre-sale of the Goddess Nature Token (GNT).
The US Voluntary Carbon Market provides a vehicle for companies to offset their carbon footprint by buying carbon credits. Many companies that are not yet able to reduce their carbon footprint on their own are purchasing points to compensate for the damage to the environment. Most of them buy loans on a voluntary basis.
“There is a strong economic trend that is driving the destruction and degradation of important natural landscapes around the world, but the voluntary carbon credit market is a brilliant financial mechanism that creates a balancing act to reforest, regenerate and protect nature,” says Flowcarbon CEO Dana Gibber. (Dana Gibber).
Flowcarbon says its GNT token is backed by a package of certified carbon offset credits issued by environmental authorities over the past five years. The company says that the token can be sold, used for borrowing and lending, or exchanged for basic real credit. When the token is launched, it will run on the Celo blockchain.
Earlier, the developers of the second layer solution for the Polygon Ethereum network allocated $20 million to minimize the negative impact of carbon dioxide emissions on the environment.