Elrond-based decentralized data brokerage firm, Itheum, has just raised $1.5 million in funding from a leading investment firm, Morningstar Ventures, in a capital investment round.
As per reports, the fundraising will support the data platform to boost the platform by deploying better technology and to provide improved peer-to-peer decentralized data trading to its users.
Elrond is a blockchain-based platform built for speed, security, and scalability. It utilizes an innovative spin on current technologies to create a network powerful. Itheum is the first project to come out of the Elrond Dubai Incubator, a program to support teams building on top of the Elrond technology.
Itheum’s Grand Plans To Support Web 3.0
Itheum empowers data ownership in the Web3 and Metaverse ecosystems and creates new market value. It enables this by providing “decentralized data brokerage” technology. It’s a suite of tools that enable high-value data to be bridged from web2 to web3 and then be traded via peer-to-peer sales. It allows for “viral adoption” via “Data NFTs” (provide “inner value” to NFTs and enable royalties / limited supply) and “N.F.Me” technology (a living Metaverse avatar representation that is wrapped as an NFT and backed by personal data) along with the platform’s Data Coalition DAOs (which bulk trades data).
Mark Paul, Itheum project’s Founder, said that the firm is excited to build on Elrond and ramp up its ecosystem alongside Morningstar Ventures. He went on to add,
“They’re providing us with the necessary resources and expertise we’ll need to drive Itheum from the ground up, and we look forward to a long and fruitful partnership to help revolutionize our product’s key features and offerings.”
What Is The Morningstar Venture?
Morningstar Ventures is an investment firm that helps support and fund creative initiatives proposed by early-stage blockchain projects. The venture capital firm is based in Dubai, United Arab Emirates, and mainly targets startups within the blockchain and digital asset industry. They participate in digital asset and equity investments and are heavily interested in the Elrond ecosystem and associated projects.
The developers at Morningstar Ventures said that due to Itheum’s unique value proposition of user data security and data monetizing through decentralized trading proposition, the project has been selected out of the lot. The company remarked,
“The team continues to impress up with introducing multi-chain functionalities, applicability in the NFT and metaverse worlds, creative concepts when it comes to data monetization, and so much more.”
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