Flowcarbon, the crypto startup of WeWork founder Adam Neumann, is also slowing its operations due to market conditions. altcoin GNT delayed the launch of its products.
Co-founder Dana Gibber said the company decided to wait for markets to stabilize before launching products, the Wall Street Journal reported.
The recent turmoil in the markets caused Bitcoin, which rose above $ 60,000 in November, to fall below $ 20,000.
Goddess Nature Token (GNT) Altcoin Delayed Indefinitely Due to Market Conditions
Flowcarbon to create tokens that can be burned when the owner wants to offset emissions cryptocurrency It is known as an initiative that combines its units with carbon credits. This token is called the Goddess Nature Token (GNT). This token was expected to be released at the end of June, but now this has been delayed indefinitely.
“We invest from a long-term perspective and have full confidence in the market,” said a16z partner Arianna Simpson, who invested in Flowcarbon.
Flowcarbon raised $70 million in May through both a token sale and a traditional capital round led by a16z. General Catalyst, who participated in this round, declined to comment to the Wall Street Journal.
The news comes after other token launch delays. Earlier this week, cryptocurrency exchange BitMEX delayed the listing of its native token BMEX due to volatile market conditions.
As it is known, the sudden fall wave in the crypto money market started with the events that took place at the beginning of May and caused the collapse of the $ 40 billion Terra ecosystem.
*Not investment advice.