Flowcarbon fails to launch crypto token, issues refunds to investors

Flowcarbon, a climate tech startup co-founded by Adam Neumann, has been issuing refunds to investors after failing to launch its planned cryptocurrency, the Goddess Nature Token. The company had raised $70 million in funding in 2022 from notable investors, including Andreessen Horowitz, with the aim of creating a token backed by carbon credits. However, the launch faced significant delays and challenges, particularly due to concerns raised by the prominent registry Verra regarding the integrity of carbon credits. The refund process required purchasers to sign a release that included waivers of claims against Flowcarbon and confidentiality terms. Despite the high demand for the presale, Flowcarbon clarified that the minimum purchase amount was not intended as a floor, and many investors purchased less than the stated amount. The company has been transparent about its refund policy since 2023, honoring all requests due to industry delays. Flowcarbon's decision to stop using Discord for communication was influenced by inappropriate content being posted by anonymous users. Instead, the company has shifted to more direct communication methods, such as email and phone calls, to engage with its audience effectively. The lack of public disclosure regarding the refunds has raised questions about the company's transparency. The broader context includes investigations into the carbon credit market, which have revealed issues such as exaggerated benefits and potential human rights violations associated with some projects. The Biden administration's recent guidelines aim to improve the quality of carbon offsets, further complicating the landscape for companies like Flowcarbon.