KuCoin Leads $3 Million Raise for Web3 Data Network, Port3

Summary:
• Port3 started out in 2022 and its mission is to bridge Web2 and Web3 using social data. We discuss the latest funding round and growth plans.

Port3 Network, the Web3 social data platform, has announced the successful completion of a $3 million seed round of fundraising, with KuCoin as the lead investor. The financing round closed in December last year, and was based on token warrant and equity structure. Jump Crypto, SNZ, Block Infinity, Dragon Roark, ViaBTC, Cryptonite, Lapin Digtal, Cogitent and Momentum6 also took part in the round. The money will be used to expand the company’s reach to potential new customers.

Leveraging social data

The team at Port3 Network is hard at work developing a social data portal for the Web3 era, with a primary emphasis on social data collection, data aggregation and a Social Data Layer. With the goal of creating a Social Data Layer that is available everywhere and extremely powerful for Web3 use cases, the startup is working on protocol to collect and standardise data from both off-chain and on-chain resources.

In its most basic form, the Port3 Network serves as a hub through which users can access and compile social data from around the Web3 ecosystem. The company hopes that by expanding its customer base and market share, it can boost the reliability of the portal’s data. Since its inception in 2022, it has made steady improvements to its platform to make it more user-friendly and increase its compatibility with a wider variety of blockchains and wallets.

Port3 Network plans to dominate the market for Web3 social data by offering incentives to its users. Notably, its social media following has grown significantly, which has enabled it achieve one of its primary objectives. The platform is working toward its goals by expanding and refining the quality of its service to make it more convenient for its customers.

By expanding the scope of the service’s reach, more people will be able to join and utilize the platform to safely and securely share information. In addition, the Port3 community stands to gain from the project’s incentives. SoQuest, Port3’s proprietary software for Web3 community engagement, helps community initiatives get off the ground by increasing traffic.