Blockchain startup ex-head of WeWork postponed the launch of its own token

The blockchain startup of former WeWork head Adam Neumann Flowcarbon postponed the launch of products due to unfavorable market conditions. About this The Wall Street Journal told the co-founder and CEO of the company Dana Gibber.

Flowcarbon is focused on creating a carbon credit market based on distributed ledger technology. Most of these instruments are sold through brokers or the issuers themselves. According to many critics, this process is complex and opaque.

“As someone who used to buy loans from brokers, I will say that buying and burning tokens is much, much easier,” billionaire Mark Cuban said in a conversation with the WSJ.

The startup is developing a platform that allows you to burn Goddess Nature Token (GNT) to offset CO emissions₂.

The launch of GNT was scheduled for the end of June 2022, but now it is postponed indefinitely. According to Gibber, the company decided to “wait until the markets stabilize.”

Recall that in May 2022, Flowcarbon attracted $ 70 million from Andreessen Horowitz and other investors.