- Flow expects to launch its business in 2023
- a16Z previously invested in Neumann’s blockchain-based carbon credits platform Flowcarbon
Adam Neumann’s striking return to the real estate market has sparked controversy over whether the infamous WeWork founder deserves a second chance.
But this time, his new billion-dollar venture Flow has scored a prominent backer: venture capitalist Marc Andreesen. And the company intends to dabble in cryptocurrencies.
Flow, which scored a 350 $ ລ້ານ investment from a16z, plans to launch a digital wallet that can hold cryptoassets — as well as currencies, including the US dollar — Forbes reported on Wednesday. The company’s real estate management software will also function on the wallet.
The plans for the wallet remain unspecified for now. A Flow spokesperson, Davidson Goldin, told Forbes that it won’t be used to make rental payments using crypto for apartments managed by the firm, but can be used for external purchases, like other wallets.
Goldin’s comments suggested that Flow won’t be heavily involved with cryptocurrencies, nor would the firm be a leader in the implementation of blockchain. Still, he added that Flow could use crypto for a tokenized rewards program.
Flow doesn’t yet have an established website — it merely ສະແດງ is an expected launch in 2023 and a general contact option.
Flow isn’t linked to Web3 startups
The WeWork founder is no stranger to real estate, but that’s not the only sector he’s tried his hand in. After building shared-office spaces around the world, and doing so while burning money rapidly, he was ultimately ບັງຄັບໃຫ້ລາອອກ from the company he started.
Neumann subsequently founded Flowcarbon, which surfaced earlier this year, aiming to issue cryptocurrencies backed by carbon credits. Andreesen participated in a $ 70 million round towards the platform in May, as part of its $4.5 billion venture fund.
But the crypto market downturn ໜຽວ that ambition, with CEO Dana Gibber saying it would “wait for markets to stabilize” to launch a token.
On the face of it, Flowcarbon and Flow don’t appear to be affiliated except for sharing a co-founder. Intriguingly, a16z’s blog calls Flow, Neumann’s “first venture since WeWork.”
ນອກນັ້ນຍັງມີ the unrelated blockchain project from Dapper Labs which already uses a token with the ticker FLOW, the price of which briefly spiked due to confusion over the name.
Source: https://blockworks.co/a16z-backed-real-estate-firm-to-dabble-in-crypto-report/