WeWork Co-founder Raises $70M For Crypto Carbon-Credit Startup

• WeWork Inc (NYSE:WE) cofounder Adam Neumann raised $70 million from venture capitalists and others for his co-founded carbon-credit startup Flowcarbon, Bloomberg reports.
• The startup raised traditional funding from backers like Andreessen Horowitz’s crypto arm, General Catalyst, and Samsung Next.
• Flowcarbon also raised money by selling its token, called the Goddess Nature Token.
• Neumann, who stepped down as CEO of WeWork in 2019, helped conceive the idea for the startup.
• Neumann is listed as both a founder and an investor in Flowcarbon.
• Flowcarbon sells carbon credits and keeps a record of the transactions on the blockchain.
• Bloomberg writes that the carbon-credit market is notably opaque, often leading to low-quality credits sold and purchased that have little effect on carbon reduction. 
• Recent efforts to incorporate crypto as a way to bring transparency have backfired. 
• Photo by TechCrunch via Flickr