Dubai, UAE, January 11, 2022.
Itheum has provided an initial round of $ 1.5 million from Morningstar Ventures that will also provide further incubation for the Elrond-based Itheum project to ensure adequate growth from its initial stages so that it can reach its full potential.
Itheum is the first project to emerge from the Elrond Dubai Incubator, launched by Morningstar Ventures in October 2021. The incubator is part of a $ 15 million initiative funded by Morningstar Ventures to bring more developers and projects to the Elrond Ecosystem. Elrond’s unique approach to balance sharing can handle transactions at unprecedented speeds, paving the way for more complex products and services using blockchain technology and smart contracts.
Building on the strong footprint of the team and investors in the Middle East, Itheum sees broad potential in the UAE market as the first station to establish the world’s first decentralized multi-chain data transmission platform with exciting and innovative uses ranging from enterprise-wide data sharing. to Metaverse identity technology supported by personal data.
Mark Paul, founder of Itheum, comments on the news: “Itheum provides a set of tools that allow you to bridge high-value data from web2 to Web3 and then trade it on an equal footing without centralized intermediaries. The use of blockchain technology ensures that users can take ownership of their data and participate in the data economy of Web3 and Metaverse.
Danilo, CIO in investor Morningstar Ventures, who led the opening round, adds: “After receiving interest from 100 projects in the last three months since our Dubai Elrond Incubator announcement, and diving deep into a dozen quality projects, we couldn’t Be no more excited to discover Itheum to our community. The Itheum team took on the complex (and serious) technological challenge of decentralized data ownership and trading and made it “sexy and relevant” by building consumer data products in the NFT, Gaming and Metaverse domains.
Following the funding round, Itheum will continue to develop the infrastructure to become the core data platform for the Web3 ecosystem and the Open Metaverse. Users will be able to use Data DEX for peer-to-peer data trading, create their own virtual avatar identity supported by their personal data, forge personal data sets like NFTs, communicate with other data avatars, participate in cross-metaverse data trades and comply with the DAOs of the Data Coalition.
The Itheum core platform currently exists in Ethereum, Polygon and Binance Smart Chain, and development is underway to implement their primary core implementation on Elrond; paving the way for a multi-chain and interconnected data-driven Metaverse.
Itheum is the world’s first decentralized multi-chain data transmission platform. It has been in development for the last two years with a focus on unlocking data silos created and carefully maintained by Web2 organizations. Itheum believes in creating new value for the owners of this data. Itheum’s team recognized that data is a highly exchangeable asset of tremendous value to its controllers, and therefore aims to empower users by helping them regain control of their data in the Web3 and Metaverse eras.
About Morningstar Ventures
Morningstar Ventures is an investment firm focused on digital assets and blockchain technology, investing primarily in rounds of tokens and early-stage stocks. The company has a particularly strong interest in supporting the Elrond ecosystem.
- Anita Tejwani
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