- Summary:
- Cypher Capital, has announced a $5 million funding for Ocean Protocol. We tell you what informed the decision and the development plans.
Cypher Capital, a venture capital firm that primarily invests in digital assets and blockchain technology, has announced that it is collaborating with Ocean Protocol to establish an ecosystem fund. According to the release, Cypher Capital will be investing $5 million in Ocean Protocol initiatives. The investment will be spread out among 20 projects over 24 months or two or three $250k investments per quarter. However, each project must receive strong recommendation from Ocean Protocol.
The road ahead
As part of the transaction, Cypher Capital’s investment team will study and assess Ocean Protocol’s proposals, and based on those assessments; it will make choices regarding the investment. For seed investment, several potential ideas have emerged from the Ocean ecosystem. On the other hand, Cypher Capital has extensive economic ties to the Middle East, North Africa, and South Asia. Therefore, it can use these avenues to help ventures get off the ground.
As a major player in developing the crypto and blockchain industries, Cypher Capital has had a significant impact.
In addition to Kilt Protocol, Sheesha Finance, Splinterlands and CasperLabs are just a few examples of its success stories. Also, Cypher Capital is constructing a 10,000-square-foot hub for blockchain and cryptocurrency start-ups in Dubai’s Jumeirah Beach Residence, which will launch in the fourth quarter of 2022.
Through a collaborative network of developers and start-ups, Ocean Protocol hopes to create a new Data Economy. OceanDAO and Shipyard programs have supported over 150 projects to far in order to promote and support grassroots innovation. The protocol is leading the charge to eliminate data silos and open up access to high-quality data, both of which are necessary steps toward launching a new data economy.
Ocean helps to ensure that data owners feel safe and secure when sharing and monetizing their data. With its marketplace technology, users may share information in a secure and private manner.