According to Foresight News, Forbes reported that Flowcarbon, a blockchain carbon credit platform co-founded by WeWork founder Adam Neumann, is returning investor funds. The company's highly anticipated GNT (Goddess Nature Token) project has failed. During the refund process, officials required GNT buyers to sign a waiver of claims agreement and comply with confidentiality clauses. Flowcarbon originally planned to combine carbon credits with blockchain technology to enable more users to participate in the carbon market. However, Verra, a major carbon registry, has been cautious about such practices since November 2021 and completely banned the tokenization of cancelled carbon credits in May 2022.
Foresight News previously reported that according to Reuters, Flowcarbon completed US$70 million in financing in May 2022, including US$32 million in financing led by Andreessen Horowitz (a16z), with participation from Samsung Next and General Catalyst, and US$38 million raised by selling its GNT tokens.
