Flowcarbon Delays The Launch Of Its Token Due To The Crypto Winter
✍️ 19 July, 2022 - 18:24 👤 Editor: Jakub Motyka
- Flowcarbon decides to delay the launch of its carbon credit tokens due to the crypto winter.
- Because of this, they modified their roadmap, avoiding being eaten by the downtrend.
- What are the carbon credits offered by Flowcarbon?
Flowcarbon, the carbon credit tokenization company on the blockchain, has been forced to postpone its next launches, such as its token, due to the crypto winter. According to CEO and co-founder Dana Gibber, they are waiting for the market to show signs of recovery. They hope to create a liquid, accessible and transparent stock market for carbon credits, but the downtrend could hamper these goals.
A carbon credit is a unit of compensation for the pollution introduced into the atmosphere by large corporations. Each credit is a metric ton of carbon that is removed or returned to the atmosphere. In theory, project developers will raise funds by selling carbon tokens to companies that want to offset their environmental footprint. Upon withdrawal, the token can be redeemed for current rewards.
Why is the Flowcarbon carbon credits token delayed?
KlimaDAO and the Toucan Protocol Association began selling tokens linked to carbon credits in October 2021. Flowcarbon Company had hoped to release a new token at the end of June, but have found it necessary to delay it indefinitely. This, after Verra, a major carbon credit registry, announced that credits in its registry could not be used to create tokens due to confusion over their creation.
Klima DAO and Toucan Protocol wait for the results of Verra's research and the possible creation of a new form of tokenization. Meanwhile, Flowcarbon is waiting for the market to show signs of improvement in order to launch it under more favorable conditions.
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