Flowcarbon scraps GNT token launch, to refund investors

Flowcarbon scraps GNT token launch, to refund investors

Flowcarbon, a blockchain-based carbon credit trading platform, has decided to cancel the launch of its GNT token and refund individual investors for their token pre-purchases. The company cited worsening market conditions and lack of progress in discussions with carbon regulators for its decision to scrap the token launch. Flowcarbon's GNT token was intended to be a utility token that would allow users to access the company's carbon credit trading platform. The token was originally scheduled to launch in early 2023, but the company has now indefinitely postponed the launch. In a statement, Flowcarbon said that it "made the difficult decision to cancel the launch of the GNT token after carefully considering the current market conditions and our ongoing discussions with carbon regulators." The company said that it "did not believe that the current market conditions were conducive to a successful token launch." Flowcarbon also said that it had "not made sufficient progress in our discussions with carbon regulators to provide the necessary clarity and certainty for the launch of the GNT token." The company said that it "would continue to engage with carbon regulators and explore other options for bringing the GNT token to market." The decision to cancel the GNT token launch is a setback for Flowcarbon, which has been one of the most high-profile companies in the blockchain-based carbon credit trading space. The company has raised over $70 million in funding from investors including Alphabet's venture capital arm, GV.