Itheum Secures Investment from Elrond Foundation, Mechanism Capital, and Others Ahead of Launch
Elrond-based Itheum, the world’s first decentralized multi-chain data-brokerage platform today announced it had landed investment from Elrond, Mechanism Capital, and other influential investors in the digital asset space.
Itheum Secures New Investment
Itheum, the world’s first decentralized multi-chain data-brokerage platform today announced an investment from Elrond, Mechanism Capital, and several other prominent crypto and blockchain investors.
Notably, the latest round of funding comes shortly after the earlier $1.5 million round funded by Morningstar Ventures which incubated Itheum via their Elrond Dubai Incubator.
Besides the aforementioned investors, Itheum’s latest funding round witnessed participation from Ascensive Assets, Woodstock, Skynet EGLD Capital, ZBS Capital, MHC Digital Finance, and Spark Digital Finance.
As a result of the extra shot in the arm in the form of new funds, Itheum has now raised $4 million in capital. These funds will help Itheum to push the boundaries of how personal data can be owned and traded in the metaverse.
In addition to landing new investments, Itheum recently partnered with Elrond to become part of its ecosystem via the Maiar Launchpad and bring its service to more users and developers around the world.
Commenting on the development, Mark Paul, Founder of Itheum, said:
“It’s been an exciting few months for Itheum, with our web3 data technology establishing a unique value proposition for a decentralized, open metaverse. In a time when the world is concerned about data centralization and data exploitation, Itheum provides a much-needed opportunity for change – a vision that is shared by our amazing investors with whom we are glad to now share this journey.”
Similar sentiments were echoed by Danilo Carlucci, CEO at Morningstar Ventures. He said:
“We are excited about this new batch of fresh investors that will help us support Itheum long term, and seeing them aligned with the strong conviction we have had in them, provides many opportunities.”
Itheum Committed to Offer Better Web3 Experience
For the uninitiated, Itheum allows users to control their personal data as assets by leveraging Elrond’s internet-scale blockchain technology. Data conversion to assets occurs via the NFMe-ID NFT technology that establishes “soulboud” Data Avatars to use in the metaverse.
By enabling users to add a metadata layer to their avatar, Itheum enriches the personal Web3 experience and unlocks a naturally recurring revenue stream from the rapidly booming metaverse economy.
Further, Itheum’s go-to-market strategy in the ballooning Web3 gaming industry is gaining significant attention due to the fact that they use their NFMe-ID avatar technology to spawn “player passports” that enable the millions of gamers the world over to own their player data and earn new income through an exciting “share-data-to-earn” dynamic.
It’s also worth highlighting that the NFMe-ID technology could become an important facilitator for end-user adoption of the metaverse. At the same time, it enables data consumers to extract more valuable and accurate data sets at competitive prices and align the values of Web3 users and data consumers.