Adam Neumann’s Flowcarbon Refunds Investors After GNT Token Launch Fails
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Contributor
Posted:
- Flowcarbon token launch may be indefinitely postponed
- The reasons behind the company’s decision to refund its investors
Adam Neumann’s Flowcarbon, the carbon credit startup founded a few years ago with support from prominent firms like a16z, is back in the spotlight today. This follows a Forbes report alleging that the company has begun refunding investors’ contributions after its crypto token GNT, or Goddess Nature Token, failed to launch. The startup was established with the mission of combating climate change by integrating carbon credits into blockchain technology.
Initially, the former WeWork CEO’s startup aimed to leverage GNT to funnel billions of dollars into projects focused on reducing their carbon emissions.
Yet, despite two years passing since then, there has been no token launch. Furthermore, it now appears unlikely that one will occur. This situation persists even though the company secured over $70 million from a16z several years back.
?>This development has led Flowcarbon to initiate refunds for those who invested in GNT and anticipated a launch that ultimately did not take place. Sources within Flowcarbon indicated that “market conditions” and “resistance from carbon registries” were significant factors contributing to this outcome. Investors received this information during Zoom calls where Flowcarbon chose to return funds rather than withhold them indefinitely.
It’s important to note that an attempt was made by the company to launch GNT in 2022; however, this occurred shortly after the Terra LUNA incident and did not succeed as planned. At that time, CEO Dana Gibber stated that Flowcarbon was waiting for market stabilization before proceeding further.
The report provided additional details:
“As part of initiating refunds for purchasers of Goddess Nature Token (GNT), individuals were requested to sign a release form which included a broad waiver of claims against Flowcarbon and its affiliates along with confidentiality agreements.”
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