WeWork founder Adam Neumann's crypto venture Flowcarbon has delayed the launch of its products along with slowing operations due to market conditions.
According to a Wall Street Journal report, co-founder Dana Gibber said that the company has decided to wait for markets to stabilize before launching products. Recent market turbulence has seen bitcoin drop below $20,000 from a high of more than $60,000 in November.
Flowcarbon is a startup that combines cryptocurrencies with carbon credits to create tokens that can be burned when an owner wants to offset emissions. This token is called the Goddess Nature Token (GNT). The launch of this token had been expected by end of June, but that has now been put off indefinitely.
“We invest with a long-term view and remain very confident about the market,” said a16z partner Arianna Simpson, who handled an investment in Flowcarbon.
In May, Flowcarbon raised $70 million through both a token sale and a traditional equity round led by a16z. General Catalyst, who also participated in the round, declined to comment to the Wall Street Journal.
The news follows other token launch delays. Earlier this week, cryptocurrency exchange BitMEX delayed the listing of its native token BMEX amid volatile market conditions.