They even tokenize CO2 ! – The investment fund Andreessen Horowitz (a16z) regularly invests in the crypto ecosystem. He even recently opened a research center entirely dedicated to cryptocurrencies. This time, the fund is betting on the project Flowcarbonwhich wishes to transpose on blockchain the carbon credits.
70 million dollars for the tokenization of carbon credits
Let us first recall that a carbon credit is a unit equivalent to a ton of CO2avoided or sequestered. Purchased by companies issuing greenhouse gas (GHG), these credits then make it possible to finance projects for the reduction or sequestration of emissions of these gases.
The young company Flowcarbon wishes to facilitate the connection and exchanges between polluting companies and carbon credit project leaders. The tokenization carbon credits on the blockchain allows this innovation. To pursue its objective, Flowcarbon has just announced by press release that it has succeeded in fundraising for a total amount of $70 million.
This financing round was led by the fund Andreessen Horowitz (a16z), General Catalyst, Samsung Next, Invesco Private Capital, among others.
“The carbon credit market is extremely opaque, and we believe the demand for carbon offsets will quickly outpace the rate at which supply can be increased. (…) Tokenization is an obvious solution. (…)”
Arianna Simpson, Senior Partner at a16z crypto
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Adam Neumann, creator of WeWork, is co-founder of Flowcarbon
The first token offered by Flowcarbon will be called Goddess Nature Token (GNT), which could be translated as “Mother Nature’s token”.
It should be noted thatAdam Neumannfounder (in 2010) of the coworking space WeWork, is one of the co-founders of Flowcarbon. The sulphurous billionaire had been ousted of his own company in 2019, after an attempt tocompletely failed IPO of WeWork, following various scandals revealed that same year.
His partner, Rebekah Neumann, is also one of the 5 co-founders of Flowcarbon. Dana Gibber (CEO), runs the company.
The tokenization In any case, carbon credits seem to be a fashionable idea. For its part, the blockchain network Algorand (ALGO) even offers convert part of carbon credit transaction fees. Yet more proof that cryptos care about their carbon footprint and sustainability.
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