WeWork Co-Founder Adam Neumann Has a Latest Crypto Project

WeWork Co-Founder Adam Neumann Has a Latest Crypto Project

• Flowcarbon, Adam Neumann's new crypto business, makes its premiere.
• Neumann is well-known in the crypto community as the founder of a company that went bankrupt in 2019.
• The fundraising round included participation from Allegory Labs, RSE Ventures, and others.

Adam Neumann, co-founder of WeWork, is the driving force behind Flowcarbon, a new cryptocurrency endeavour. The crypto company said on Tuesday that it had raised $70 million from a group of investors led by Andreessen Horowitz. The project's efforts, according to Dana Gibber, chief executive officer of Flowcarbon, are a terrific financial mechanism that offers an incentive to reforest, rejuvenate, and conserve nature.

Neumann is a divisive character because of his involvement in WeWork in 2019, when it was disclosed that the company was losing money. WeWork filed Form S-1 for an initial public offering (IPO) of its shares in September 2019, and Neumann resigned as CEO. With his wife Rebekah, Dana Gibber, Ilan Stern, and Carolina Klatt, he founded Flowcarbon.

Neumann wants carbon credits to be stored on the blockchain. Making carbon credits easier to get and trade, on the other hand, does little to remedy the basic issue with carbon credits and offsets. The capacity to more easily exchange a damaged product does not make it any less defective.

It's unclear how Flowcarbon would improve the effectiveness or reliability of carbon offsets. The company also claims that the carbon credits that underpin their token have been certified, albeit it does not clarify how or whether its verification mechanism varies from the current carbon credit supply.

Neumann started WeWork in 2010 to take advantage of the post-Great Recession real estate slump and began renting out small office spaces to small businesses and contractors. Many individuals concluded that this method was a risky gamble that would not pay off.

Neumann's new venture falls perfectly into the speculative investing category. A blockchain-based carbon credit monitoring tool isn't utterly useless. More countries are likely to implement or expand carbon credit programmes in the next decade or longer, and this is the type of international situation where, at least on the surface, a permissionless blockchain could be useful.

Flowcarbon's investment round included Allegory Labs, RSE Ventures, Sam and Ashley Levinson, RSE Ventures, Kevin Turen, and Invesco Private Capital. The token auction attracted Box Group, Celo Foundation, and Fifth Wall. The goal, according to the summary on the Flowcarbon website, is to make carbon credits voluntary while also boosting transparency, liquidity, and accessibility.