Blockchain startup Flowcarbon focused on issuing tokens backed by carbon credits will stay low and won't issue any tokens until markets stabilize, the Wall Street Journal has learned, citing the project's head and co-founder Dana Gibber.
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Co-founded with Adam Neumann, Flowcarbon was focusing on removing carbon-dioxide from the atmosphere through forest planting or conservation. The startup netted $70 million in May this year by pre-selling its token GNT to a group of venture investors, including Andreessen Horowitz and General Catalyst.
In a commentary for iHodl, Gibber noted that the startup's operations are "moving full steam ahead in preparation for our upcoming token launch. Gibber admitted that Flowcarbon was initially planning to launch GNT by the end of June, but put that plan on hold indefinitely.
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