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Crypto, where the fallen seek a fresh start

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  • Posted on 21st Aug, 2022 13:03 PM

Adam Neumann launches a new a16z-backed crypto startup for the second time this summer

Welcome back to Chain Reaction.

Last week, we talked about privacy in crypto and how it’s sometimes at odds with regulation. This week, we’re covering a larger-than-life founder who is perhaps seeking redemption through web3.

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It’s a lesson we all learned over the last crypto bull run — crypto is a well-known refuge for those looking to reinvent themselves. WeWork founder Adam Neumann is no exception. Neumann made waves in the tech world this week when it was revealed that his new startup, focused on residential real estate communities, had just received a $350 million investment from Andreessen Horowitz — the largest check the VC firm has ever written, though it was unclear how much of that was equity versus debt. The company, Flow, earned a $1 billion valuation before, well, actually doing anything (aside from buying up apartment units), according to The New York Times.

In a bit of an ironic twist, the new venture aims to attempt to solve the housing crisis, a plan touted by Marc Andreessen himself in a blog post announcing the deal. Andreessen is the VC who, earlier this month, was found to have fought tooth and nail to prevent affordable housing units from being built in his wealthy hometown of Atherton, California. Initial details, though, were scant as to how exactly Neumann’s company would actually address the crisis, outside of some vague commentary about renters not being able to benefit from owning their home equity.

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