The former Chief Executive of WeWork, Adam Neumann’s new company Flowcarbon has decided to “wait for markets to stabilize” before launching its products.
Flowcarbon aims to use cryptocurrencies to fight climate change. Other companies in the same industry have either slowed operations or delayed product rollouts, as a result of the tumultus market conditions.
Flowcarbon’s token is called ‘Goddess Nature Token’, which it had expected to launch by the end of June, but put that plan on hold indefinitely, said Chief Executive and co-founder Dana Gibber.
The company has, however, been announcing partnerships to help it offer services like calculation of carbon footprints for credit buyers and loans for credit-issuing projects.
Meanwhile, the biggest carbon-offset registry, Verra, has halted the use of its credits to back new crypto tokens since May.
The registry expressed concerns that the current method of creating those tokens was causing confusion in the carbon markets. The registry is currently working on studying new methods of creating the tokens.
Toucan, Klima and other crypto-carbon startups say they are waiting for Verra to propose a new method of bringing credits onto crypto networks and have also halted operation until the crypto market stabilizes.
Flowcarbon and its contemporaries are combining crypto with carbon credits. Each credit represents one metric ton of carbon dioxide removed or avoided from the environment.
Such credits are issued by environment-conservation projects and brought by corporations or individuals, who retire them to offset their greenhouse-gas emissions, and thus aid in combating climate change.
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Flowcarbon and its contemporaries are bringing credits onto their networks as crypto tokens, where they can be traded in large volumes like digital money and destroyed, or ‘burned,’ when the owner wants to offset emissions.
For the six months through March, more than 23 million carbon credits were moved onto crypto networks. So far, less than 2% of those credits have been used to offset carbon emissions and the bulk have been traded, according to KlimaDAO data.
