Flowcarbon raises $70 million from Andreesen Horowitz, Samsung, token sale
Interest in the tokenization of carbon credits is booming.
The value of the global voluntary carbon market hit a special milestone last year, topping (USD) $1 billion in November 2021, according to information and analysis group Ecosystem Marketplace. Bank of America has indicated that the carbon offset market may need to grow fiftyfold to meet 2050 net zero emissions.
While still under the radar for the average investor, capital inflows to the sector are steady and on the rise. Given the current volatility in broader markets, the increased activity in and capital flows to the digitization of carbon markets is indeed an indicator that the sector is strong and healthy.
Case in point: startup Flowcarbon, a climate-based Web3 venture, recently announced it has raised US$70 million to develop its blockchain-based carbon trading tools. Investors leading the financing include Andreessen Horowitz and Samsung.
“The carbon market is extremely opaque and we believe demand for offsets is rapidly outpacing the speed at which supply can be increased, especially for nature-based projects,” said Arianna Simpson, General Partner at Andreessen Horowitz crypto. “Tokenization is an obvious solution.”
We at DeepMarkit firmly believe that the future for carbon credits lies on the blockchain and in Web3, to unlock liquidity, increase transparency and democratize access to these opaque and inefficient markets.
Our shareholders stand to benefit from this recent wave of interest and anticipated growth in voluntary carbon credit demand through minting fees via the creation of carbon credit smart contracts in the form of NFTs, and potential perpetual royalties on re-sales in the secondary market.
We’re looking forward to updating you on the commercial launch of the MintCarbon.io platform and other exciting developments in the near future.
The complete article on Flowcarbon can be found here: https://economictimes.indiatimes.com/tech/funding/wework-founder-adam-neumanns-flowcarbon-raises-70-million-from-a16z-token-sale/articleshow/91779024.cms
Until then, keep well.
Ranjeet Sundher
Interim CEO, DeepMarkit Corp.