- Flowcarbon have actually reimbursed financiers after stopping working to release the Goddess Nature Token (GNT)
- The GNT token was implied to tokenize carbon credits however dealt with market and regulative obstacles
- Flowcarbon raised $70M in financing however continues to deal with hold-ups in the carbon market
Flowcarbon, a blockchain-based carbon credit platform has actually started reimbursing financiers after the extremely prepared for launch of its “Goddess Nature Token” (GNT) was cancelled. The platform was co-founded by previous WeWork CEO Adam Neumann.
The start-up, which guaranteed to change carbon markets by tokenizing carbon credits when it made its launching over 2 years earlier, mentioned difficult market conditions and resistance from carbon windows registries as the main factors behind the stopped working launch.
The stopped working GNT token launch
Some financiers, consisting of the popular equity capital company Andreessen Horowitz, have actually been waiting over a year for the launch, which never ever emerged.
The refunds, verified by Flowcarbon's representative supposedly started a couple of weeks back. According to the representative, the refunds to retail GNT purchasers were prepared because in 2015 however have actually been postponed due to hold-ups in the market.
Significantly, the refund procedure needed buyers to sign waivers of claims versus the business and accept privacy terms.
The GNT was created to be backed 1:1 with carbon credits, certificates that big corporations utilize to offset their carbon emissions. Tokenizing these credits would have enabled wider financier involvement in the carbon market.
In spite of its appealing idea, Flowcarbon stopped working to get rid of the technical and regulative obstacles related to the task.
In spite of the problem, Flowcarbon stays active in the environment financing sector. The start-up raised $70 million in Series A financing in May 2022, with significant backers like Andreessen Horowitz, General Catalyst, and Samsung NEXT.
While a minimum of $38 countless that amount originated from the sale of Flowcarbon's token, it stays uncertain if retail financiers were consisted of.
The wider market for energy and environment-related tokens presently holds a market cap of $186 million, with Powerledger's POWR and Energy Web's EWT accounting for 94% of that worth.
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