Adam Neumann, the founder of the highly controversial WeWork, is now back with over $70 million in funding for a new crypto tech initiative that offers tokens linked to a carbon offset.
The Divine Nature Token (GNT) running on the Celo blockchain is exchanged for Carbon. Newman raises funds from private token sales and venture capital for his new crypto startup Flowcarbon.
In addition, the company received $38 million from pre-sales of GNT. Another $32 million closed from a venture capital round.
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From WeWork to Flowcarbon
After his initial public offering flopped and being dropped from WeWork, Newman has launched this new crypto venture called FlowCarbon that is set to pull the voluntary carbon market into the blockchain.
GNT is linked to certified carbon offsets issued by eco-friendly projects or nature-based companies. Credits traded in the carbon market should yield a profit or profit of $700 million in 2027.
Neumann is back with more than $70 million in funding for Flowcarbon (Coincu News).
Carbon Market Credits trade continuously until end users claim them. GMT has a variety of uses such as lending or borrowing, can be redeemed for real-world products and services, or traded or sold in the marketplace.
The FlowCarbon project dreams of making carbon trading easily accessible to all by placing carbon credits directly on the blockchain.
set up for a major comeback
WeWork started off strong in 2010 and was even labeled a unicorn in the industry by Fortune magazine. He was also tagged by Forbes as “the fastest growing new location lessee in America” in 2014.
Everything seems to have crashed since 2019 when they launched this IPO which exposed their sloppy leadership, management strategies and financial losses.
After that, WeWork had to cut losses and decided to lay off 3,000 employees and sell some of its acquired businesses and even its private jet.
Crypto total market cap at $1.24 trillion on the daily chart | Source: TradingView.com
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Top investors panicked and started running away from WeWork. No one knew they were ready to make a comeback this year.
Now, Newman has relaunched an ambitious startup with his wife Rebekah Newman as co-founder of FlowCarbon, with COO Carolyn Klatt and Dana Gibber as CEO.
The startup capitalizes on carbon trading, which is engineered to reduce greenhouse gas emissions that add to the worsening of global warming.
This nature-based startup comes with a brand new strategy and facelift for Newman.
Featured image from JackOfAllTechs.com, chart from TradingView.com