Climate Company Flowcarbon Raises $70M Through A16z-Led Round, Sale of Carbon-Backed Token

• Venture superior elephantine Andreessen Horowitz (a16z) led a $32 cardinal backing circular that included contributions from Samsung Next and Invesco. Another $38 cardinal came from the merchantability of its goddess quality token (GNT).

• GNT is backed by c credits issued implicit the past 5 years from nature-based projects and volition commercialized connected Celo, a proof-of-stake blockchain, Flowcarbon said Tuesday. The Celo Foundation purchased $10 cardinal of GNT to offset its ain c emissions.

• "Demand for c credits has surged successful caller years among corporations that usage them to offset c emissions, but the quality to standard the measurement of credits disposable has been constricted by the VCM’s opaque and fractured marketplace infrastructure," Flowcarbon said successful a statement, referring to the voluntary c market.

• Flowcarbon joins a crowded field. As aboriginal arsenic 4 years ago, IBM said it was moving with Veridium Labs connected a carbon recognition related token, and different companies are besides active. Toucan, Regen and Moss each purpose to summation transparency and amended accessibility to the c recognition market. And earlier this year, JustCarbon and Likvidi opened marketplaces for their ain c tokens. The wider question is known arsenic "ReFi" (regenerative finance).

• Arianna Simpson, an a16z wide partner, says tokenization is an "obvious solution" to assistance proviso of c offsets support up with demand.

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