- Flowcarbon has refunded buyers after they did not launch the Goddess Nature Token (GNT).
- The GNT token was supposed to tokenize carbon credit, however confronted market and regulatory challenges.
- Flowcarbon has raised $70 million in funding however continues to face delays within the carbon market.
Flowcarbon, the blockchain-based carbon credit score platform co-founded by former WeWork CEO Adam Neumann, has begun returning cash to buyers after the extremely anticipated launch of its “Goddess Nature Token” (GNT) was canceled.
The startup, which promised to revolutionize carbon markets by tokenizing carbon credit, cited powerful market situations and resistance from carbon registries as the primary causes for the failure.
Did not initialize GNT token
Some buyers, together with main enterprise capital agency Andreessen Horowitz, waited over a 12 months for the launch, which by no means materialized.
The refund, confirmed by a Flowcarbon spokesperson, is alleged to have began a couple of weeks in the past. In line with the spokesperson, refunds to GNT retail patrons had been within the pipeline since final 12 months however have been delayed resulting from business delays.
The refund course of required patrons to signal a waiver of claims in opposition to the corporate and comply with confidentiality phrases.
The GNT was designed to be backed 1:1 by carbon credit, certificates that enormous companies use to offset their carbon emissions. Tokenization of those credit would allow wider investor participation within the carbon market.
Regardless of the promising idea, Flowcarbon was unable to beat the technical and regulatory challenges related to the challenge.
Nonetheless, regardless of the setback, Flowcarbon stays lively within the local weather finance sector. The startup raised $70 million in Collection A funding in Might 2022 with key backers corresponding to Andreessen Horowitz, Normal Catalyst and Samsung NEXT. Whereas no less than $38 million of that quantity got here from the Flowcarbon token sale, it stays unclear if retail buyers have been included.
The broader vitality and environment-related token market at the moment has a market cap of $186 million, with Powerledger's POWR and Power Internet's EWT accounting for 94% of that worth.
