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Benzinga
Benzinga
Business
Anusuya Lahiri

WeWork Co-founder Raises $70M For Crypto Carbon-Credit Startup

  • WeWork Inc (NYSE:WE) cofounder Adam Neumann raised $70 million from venture capitalists and others for his co-founded carbon-credit startup FlowcarbonBloomberg reports.
  • The startup raised traditional funding from backers like Andreessen Horowitz’s crypto arm, General Catalyst, and Samsung Next.
  • Flowcarbon also raised money by selling its token, called the Goddess Nature Token.
  • Neumann, who stepped down as CEO of WeWork in 2019, helped conceive the idea for the startup.
  • Neumann is listed as both a founder and an investor in Flowcarbon.
  • Flowcarbon sells carbon credits and keeps a record of the transactions on the blockchain.
  • Bloomberg writes that the carbon-credit market is notably opaque, often leading to low-quality credits sold and purchased that have little effect on carbon reduction. 
  • Recent efforts to incorporate crypto as a way to bring transparency have backfired. 
  • Photo by TechCrunch via Flickr
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