Adam Neumann’s Flowcarbon project “suspended indefinitely”

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A blockchain startup founded by billionaire Adam Neumann to tokenize carbon credits has been put on hold.

WeWork founder and his wife Rebekah are among the founders of Flowcarbon, which raised $70 million just two months ago to create an on-chain carbon credit market.

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Neumann was ousted as CEO of coworking giant WeWork three years ago when a failed IPO revealed serious governance problems within the company, currently being dramatized by Apple TV.

Each carbon credit represents one tonne of carbon dioxide removed or prevented from entering the atmosphere by a project. When bought by a company, they give the right to claim compensation when they retire, thus removing them from the market permanently.

Flowcarbon, Toucan Protocol and KlimaDAO aim to convert these funds into cryptographic tokens, which can then be traded on the blockchain and “burned” when the company withdraws the funds to claim compensation.

Billions of dollars of these tokens have been traded since the launch of Toucan and KlimaDAO in October 2021, equivalent to 23 million carbon credits in the six months to March 2022. However, only 2% of these have been traded. date.

There is criticism that they obscure the true purpose of carbon credits. “If people buy these tokens now because they see it’s a machine to make money…I think that’s potentially unhealthy,” Guy Turner, CEO of Trove Research, told The Wall Street Journal.

From now on, the CO2 credit register will see – the Carbon standard verified – announced that the credits created cannot be used to create new tokens due to confusion over the process.

Flowcarbon said it was waiting for the cryptocurrency markets to “stabilize” before launching its Goddess Nature Token (GNT), which was set to go live in June.

The recent $70 million funding round was led by a16z crypto and included General Catalyst, Samsung Next, Invesco Private Capital, 166 2nd, Sam and Ashley Levinson, Kevin Turen, RSE Ventures and Allegory Labs.

Other participants in the token sale include Fifth Wall, Box Group and the Celo Foundation.

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4,500 rides in the Otherside Metaverse

About 4,500 people made the first trip to the NFT Project Otherside metaverse.

Created by Yuga Labs, the company behind the popular Bored Ape Yacht Club NFTs, the tech demo was open to people who bought Otherdeeds, virtual lots there.

They followed a bored giant monkey through a portal to a “biogenic swamp” and then went to a stadium where they could play with avatar dynamics like dance, run, jump and emotes. They then explored the larger area of ​​monsters.

Yuga Labs then released details of the first part of their plan for Otherside: an 11-piece game mode centered around a “mysterious obelisk”, while allowing users to discover what can be “harvested, created, traded, bought and sold” in the game. .

There are 200,000 virtual lots in Otherside, the cheapest of which is currently $3,900.

Cryptocurrency Shorts

Russian President Vladimir Putin has signed a law banning the use of digital assets in the country to pay for goods and services. It is not illegal to own crypto in Russia.

The chairman of the US Securities and Exchange Commission, Gary Gensler, has said he can adapt securities laws to the crypto industry to protect investors. “If you’re raising money from the public and the public is anticipating benefits based on the efforts of this joint venture, that’s a certainty,” he said, adding: “There is a possible way forward. I told the industry, to the lending platforms, to the trading platforms: “Come in, talk to us.” He also compared stablecoins to poker chips.

Egyptian blockchain provider and NFT marketplace Remooz has launched a soft launch of an NFT marketplace called Minimum Viable Product (MVP), which will provide a free, easy-to-use and socially engaging platform on which to trade digital assets.

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Crypto Prices

The total market cap of more than 20,200 coins is $996.4 billion at the time of writing (7am UK), down from $927.2 billion on Friday morning.

Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – gained more than $1,100 to $21,775. BTC is up 6% in a week.

Ethereum, the second most valuable cryptocurrency – created as a decentralized network for smart contracts on the blockchain – added $230 to $1,430. ETH is up 25% in a week.

Binance Coin is a cryptocurrency created by the popular crypto exchange Binance to help its goal of becoming the infrastructure service provider for the entire blockchain ecosystem. The BNB token added $20 to $258, pushing it up 12% over seven days.

Ripple’s XRP token, a payment settlement exchange and transfer system, acts as a bridge for transfers between other currencies. XRP gained nearly 2.5 cents to 36.4 cents as the price rose 14% from seven days ago.

Cardano is an open-source network that facilitates dApps and sees itself as an updated version of Ethereum. The ADA token, designed to allow owners to participate in the operation of the network, gained 3c to 47c and is up 4% in a week.

Solana is a blockchain designed to make decentralized finance widely accessible – and capable of processing 50,000 transactions per second. The SOL token jumped from over $4.50 to $41.88 and is up 18% from its price a week ago.

The Meme DOGE coin was created as a satire on the hype surrounding cryptocurrencies but is now a major player in the space. DOGE climbed 0.3c to approach 6.6c, keeping it where it was a week ago.

Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralized web. The DOT token, which aims to securely connect blockchains, rose more than 50 cents to $7.37 and rose 9% from its price a week ago.

Avalanche is a rapidly verifiable platform for institutions, companies and governments. The AVAX token surged from $3.50 to $23.26, rising 26% in one week.

To see how the valuations of major coins have changed lately – and for an overview of recent developments in cryptocurrency news – click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price changes, see below.

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