Blockchain Press Releases
SocialFi Infrastructure OpenSocial Protocol Raises $5M to Fuel the Growth of SocialFi Super Apps, with $15M Ecosystem Fund Backed by EVG
The round was led by Portal Ventures, SNZ Capital and renowned angel investors, who all share the same vision that SocialFi is primed to become the largest consumer use case for mass adoption in Asia
HONG KONG, May 28, 2024 /PRNewswire/ — Today, OpenSocial Protocol (OpenSocial), a composable infrastructure layer for building social applications, announced the successful completion of a $5M seed funding round. OpenSocial is a multichain SocialFi infrastructure protocol empowering developers and creators to effortlessly build social dApps. Led by infrastructure investors Portal Ventures and SNZ Capital (early backers of Ethereum, Chainlink, Cosmos, Arbitrum, Polkadot and Dfinity), the round opened in December 2023 and closed in January 2024.
Other investors included Animoca Brands (HK), Awesome People Ventures (US), Arche Fund (Vietnam), Decima Fund (Japan), Moonrock Capital (EU), OKX Ventures, Orange DAO (US), Panony, Summer Ventures (HK); and renowned web3 entrepreneurs include Smokey the Bera, Brian Fabian Crain, Mike Dudas, Martin El-Khouri, Roham Gharegozlou, Don Ho, Mable Jiang, Adam Jin, Serge Kassardjian, and Jason Yano.
OpenSocial Protocol is founded by Everest Ventures Group (EVG), one of the largest web3 operating groups in Asia focused on consumer applications. They have 300 full-time builders with backgrounds from Alibaba, ByteDance, Tencent and NetEase and 2M+ users across its products. EVG is also an early supporter of Animoca Brands, the Sandbox and Dapper Labs.
EVG set aside a $15M ecosystem fund for developers to build on OpenSocial. EVG has also deployed 30 of its best in-house builders to develop OpenSocial. There are also 50 additional developers building dApps on top of OpenSocial, outside of EVG.
What is OpenSocial Protocol?
OpenSocial is an open-source social infrastructure layer to power native web3 social experiences. Founded in 2023, OpenSocial aims to empower thousands of community dApps with infrastructure and UI-layer composabilities, true ownership of intellectual property and relationship, and better-aligned monetisation and financial incentives.
The modular design with easy-to-deploy social tools on a multichain approach enables developers and creators to assemble dApps quickly and economically.
These modules can be either on-chain or off-chain and include: feed, chatroom, text/video/audio/posts, comments, reactions, voting, share, on-chain social graphs (social data and structure), tribes (user and topic based communities), megaphones (an advertising engine), as well as plug-ins (token issuance, DAO tools, betting, voting, bounties, matching, mini-games).
“These modules and tools are designed to provide both an emotionally captivating and financially rewarding social experience covering accessibility, ownership and monetization opportunities to end users and communities,” noted Sean Tao, Co-Founder of OpenSocial Protocol.
Another unique web3 mechanism to be unveiled soon is the portability, self-ownership and self-sovereignty of identities and communities within different ecosystems and products.
Why social, why now?
Social has the potential to become the largest consumer use case for mass adoption of web3. The evolution of the internet’s use cases provide a precedent. Social was not a core use case in the first 6 years of the consumer internet (1997-2003) as marketplaces, portals, and games dominated but it emerged to social giants of today as a leading use case in the second phase of post dot.com bubble (2004-2010) as costs declined and adoption grew. SocialFi projects struggle to reach their full potential without the right technology and consumer readiness, similar to Social’s early path in web2. Asian social app adoption is an important factor in EVG’s decision to launch OpenSocial too.
“Importantly, Asia represents more than half of the world’s social media users, with nearly 3 billion people actively using social platforms every day. We think SocialFi’s ‘Axie moment’ will happen this cycle and likely take place in Asia. And the SocialFi trend in Asia will prove that social is a layer not media,” said Allen Ng, CEO of EVG and Co-Founder of OpenSocial Protocol.
“We are thrilled to have such powerful network effects from our very strategic investors. We come from a venture studio operation with backgrounds from Bytedance, Tencent, Alibaba that understand user preferences. OpenSocial’s design principles and dApps strategies are very different from the western-centric players, leveraging on our learning and advantages in Asia, we envision powering hundreds if not thousands of community dApps in 5 years,” said Tao.
dApps already available on OpenSocial
With the $15M ecosystem fund to empower the next-generation super apps, OpenSocial has already launched its first dApp SoMon (“Social Monster”), a truly decentralized topic-based forum owned by users and communities with degen mechanics and sustainable rewards.
There are various platforms and SocialFi use cases powered by OpenSocial that are soon to launch, including Zeek – a decentralized collaboration network for on-chain social bounty and reputation, backed by OKX Ventures and Animoca Brands.
OpenSocial’s investors are excited
“OpenSocial combines lessons from leading Asia consumer internet businesses like WeChat with a deep understanding of crypto native preferences. The team is building an infrastructure layer that will power an ecosystem of new, community-driven social experiences. Users demand novel financialized experiences – OpenSocial makes that possible,” said Evan Fisher, Founder & Managing Partner of Portal Ventures.
“In the last five years, EVG has grown from a start-up to one of the largest web3 consumer groups in Asia. OpenSocial is the flagship project of EVG and the team is building multiple dApps on top, which we believe could be the right product at the right time for the right team to deliver. SocialFi is a very challenging and competitive sector with huge potential, while OpenSocial along with SoMon, Zeek and others dApps, has a great chance to be the game changer,” Gavin Wang, CIO of SNZ Capital.
“We are proud to back OpenSocial in its endeavor to empower creators and developers to build social capital and innovate at the forefront of SocialFi. I am confident that OpenSocial will enable the first transformative steps in how we engage digitally, and look forward to incubating unique Japanese collaborations leveraging OpenSocial,” noted Ken Kitahara, Co-founder & General Partner of Decima Fund.
“OpenSocial is well-positioned to fill the social need with its modular, community-owned approach tailored for mobile-first markets like Vietnam. I believe that through OpenSocial’s infrastructure, we will see many innovative Vietnamese social applications emerge that strengthen real-world connections and celebrate local culture in new ways,” said Thanh Le, Founder of Ninety Eight.
About OpenSocial
OpenSocial Protocol (OpenSocial) is a multichain SocialFi infrastructure empowering developers and creators to effortlessly build social dApps. Leveraging its robust social graph and modular design, OpenSocial enables transparent content promotion to specific user groups, ensuring fair value distribution among all stakeholders. OpenSocial offers the best data, tooling, and financial layer and its vision is to enable the largest multi-chain social economy.
OpenSocial Protocol is founded by Everest Ventures Group.
Website: www.opensocial.co
Twitter: https://twitter.com/OpenSocialLabs
About EVG
Headquartered in Hong Kong, Everest Ventures Group (EVG) is a web3 operating group driving mass adoption of web3. With a global team of 300, we have built and launched a diverse portfolio of products for the future of digital interaction across use cases, such as Aspen Digital, Mugen Interactive, Kiki, LiveArt, Blocktempo, Cassava Network, and Adverse. As an early investor and lead advisor we have contributed to unicorns, and 150+ defining projects such as Celestia, Wormhole, Berachain, Dapper Labs (Flow), Animoca Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, Dunamu and Blocklords.
Website: https://www.evg.co/
Twitter: https://twitter.com/EVGHQ/
MEDIA CONTACT:
Gemma
[email protected]
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Blockchain Press Releases
Grexie Signchain Launches on November 1st, 2024: Enabling Smart Contract Developers to Bring Off-Chain Data On-Chain with Seamless Gas-Paid Signing
Grexie Signchain enables developers to sign off-chain data into smart contracts, with self-hosted or secure vault signer wallet management.
MANCHESTER, England, Oct. 17, 2024 /PRNewswire/ — Grexie Limited proudly announces the launch of its innovative smart contract solution, Signchain, on November 1st, 2024. Designed specifically for developers, Signchain introduces a powerful way to bring off-chain data on-chain through user-paid gas fees and secure signing of data into smart contract methods using its extendable smart contract, Signable.
In the growing landscape of blockchain technology, securely managing off-chain data and integrating it into on-chain smart contracts has posed significant challenges for developers. Signchain eliminates these hurdles by offering a robust, gas-efficient system for signing and authenticating data in real-time.
Key Features of Signchain:
1. Seamless Off-Chain to On-Chain Data Integration
Signchain enables developers to securely bring off-chain data on-chain by signing it directly into smart contract methods through user-paid gas fees. This integration ensures that data authenticity is preserved, and its entry into the blockchain remains tamper-proof, streamlining processes for industries relying on real-world data verification. Signchain also supports integration with Google Sheets, AWS, and Firebase, making it easy to pull data from popular off-chain data sources.
2. Extendable Smart Contract – Signable
The core of Signchain’s technology is its extendable smart contract, Signable, which allows developers to customize and build upon existing smart contracts. With Signable, developers can easily implement contract signatures for any data type, offering flexibility across industries from finance to logistics and beyond.
3. Signer Wallet Management
Signchain offers comprehensive signer wallet management as part of its service, empowering developers to manage and authenticate signers effectively. Wallets can either be self-hosted using Signchain’s Docker container for those who prefer their own infrastructure, or they can leverage Signchain’s network of secure vaults for maximum security.
4. Self-Hosted or Managed Service
For developers who want full control of their infrastructure, Signchain provides a self-hosted option via Docker containers, allowing them to deploy the platform on their own servers. Alternatively, developers can opt to use Signchain’s secure vault network, offering a hassle-free solution with enterprise-grade security and wallet management.
5. User-Paid Gas Fees
By integrating a user-paid gas fee model, Signchain allows users to cover the costs of signing and authenticating their data, ensuring the signing process is efficient and doesn’t overburden developers with additional expenses. This makes Signchain an ideal solution for dApps and platforms handling high transaction volumes.
6. Google Sheets, AWS, Firebase Integration with Serverless Model
Signchain supports integration with Google Sheets, AWS, and Firebase in a serverless model, powered by a hosted Sign In With Ethereum (SIWE) implementation provided by Signchain’s API. Developers can simply connect their Google Sheets and configure the contract parameters associated with each column. Signchain will automatically look up the user’s wallet address in the spreadsheet, sign the transaction data, and execute it in the blockchain along with any user-supplied parameters. This creates an easy, efficient way to manage data inputs from off-chain sources without heavy infrastructure setup.
Revolutionizing Smart Contract Workflows
With Signchain, developers now have the tools to handle the complexities of integrating off-chain data into smart contracts. The extendable nature of Signable offers flexibility, allowing developers to cater to various use cases, whether it’s automating financial transactions, supply chain data, or verifying legal agreements.
Tim Behrsin, CEO of Grexie Limited, said, “Signchain is more than just a signing solution—it’s a platform that empowers developers to securely integrate off-chain data into their smart contracts with minimal effort. The flexibility of Signable and our focus on signer wallet management offers developers control and security at every stage of the process.”
Why Signchain Matters
Signchain addresses critical challenges faced by developers, particularly those dealing with off-chain data. By signing data into smart contracts and enabling user-paid gas fees, the platform significantly reduces friction in managing secure, scalable smart contracts. Whether developers need to manage high volumes of data transactions or create bespoke smart contracts, Signchain offers a scalable and secure solution.
In industries like DeFi, real estate, and supply chain management, data integrity and security are paramount. Signchain’s secure vault network and customizable signing workflows allow businesses to handle sensitive information with confidence.
Launch Event and Future Developments
The official launch of Signchain will take place on November 1st, 2024, alongside a virtual event. The event will showcase live demonstrations of Signable, with detailed walkthroughs of the Docker-based self-hosted solution and signer wallet management features. Attendees will also get an exclusive preview of future enhancements, including multi-signature workflows and advanced blockchain network integrations.
About Signchain
Signchain is a cutting-edge platform developed by Grexie Limited, based in Manchester, Cheshire, United Kingdom. Signchain simplifies smart contract development by offering a secure, scalable, and customizable solution for signing and authenticating off-chain data on-chain. Developers can either self-host the solution using Signchain’s Docker container or rely on the network’s secure vault infrastructure. With an emphasis on security, flexibility, and developer experience, Signchain is set to transform how smart contracts handle off-chain data.
For more information, visit signchain.net.
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PDF – https://mma.prnewswire.com/media/2533539/Signchain_Whitepaper.pdf
SOURCE Grexie Limited
Blockchain Press Releases
Bybit Named ‘Best Blockchain Company of the Year’ at Future Enterprise Awards 2024
DUBAI, UAE, Oct. 17, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, proudly announces its recognition as the “Best Blockchain Company of the Year” at the Future Enterprise Awards 2024, organized by Tahawul Tech. This prestigious accolade affirms Bybit’s continued leadership in blockchain innovation, technological excellence, and user-centric services within the cryptocurrency sector.
Hosted by CPI Media Group, the Future Enterprise Awards honor visionaries across industries shaping the future through transformative technologies. Bybit’s recognition reflects its pivotal role in redefining the digital finance landscape, catering to the needs of both retail and institutional investors with robust solutions and a trusted crypto trading ecosystem.
Recognized for its state-of-the-art infrastructure and unwavering commitment to innovative products, Bybit has positioned itself as a trailblazer in advancing blockchain technology and the digital asset economy. This award highlights the exchange’s ongoing efforts to deliver top-tier security, liquidity, and innovative tools that empower users and institutions alike.
“This award is a testament to our team’s relentless drive toward innovation and customer-first solutions in the dynamic blockchain space. We are honored to receive this recognition, which reaffirms our mission to make blockchain technology accessible, secure, and impactful for users across the globe,” said Joan Han, Sales & Marketing Director at Bybit. “As we move forward, we remain dedicated to enabling the mass adoption of blockchain and building the future of digital finance.”
Bybit’s commitment to advancing cryptocurrency services is evident through its continuous introduction of innovative features, such as high-performance trading tools, enhanced liquidity options, and a secure, user-friendly platform. With over 50 millions of users worldwide relying on Bybit, the platform stands as a trusted leader in creating a sustainable and inclusive future for blockchain technology.
#Bybit / #TheCryptoArk
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
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2024-DNA Fund, the Financial Institution of the future in high-ticket emerging tech and web3 investments, has announced its acquisition of Coral Capital Holdings LLC, an established investment management firm that has previously managed millions in the DNA founders’ personal funds.
As early-stage investors in established Web3 brands and founders of some of the sector’s most notable projects, DNA and its founders have invested in or founded projects such as Tether, EOS, Mastercoin, Bancor, and Hedera Hashgraph. The acquisition will see the DNA Fund manage an additional AUM of over $50 million, which includes Coral’s high-yielde hedge funds and venture funds focused on DeFi, Al, blockchain, and other emerging technology sectors. Some of Coral’s top-performing investments include Near Protocol and Atmos Labs.
Thomas L. McLaughlin, Coral’s Chief Investment Officer, will continue in his role, managing the funds with a unique focus and strategy aimed at maximizing investor returns.
Regarding the acquisition, Christopher Miglino, CEO of DNA Fund, said. “By bringing Coral Capital under our umbrella, we are not only expanding our investment capabilities but also enhancing our ability to offer unique, high-growth opportunities to our clients. Our combined expertise allows us to navigate the complexities of the digital asset landscape and continue delivering value to our investors.”
Thomas L. McLaughlin, CIO of Coral Capital Holdings, added, “Joining forces with DNA Fund is an exciting new chapter for Coral. Our shared vision for leveraging technology to drive financial growth is perfectly aligned. Together, we are set to redefine what’s possible in digital asset investments and deliver superior results for our investors.”
Since its inception in 2021, Coral has delivered consistent returns with innovative strategies, delivering high multiples on the benchmark of the overall market cap of digital assets. Coral’s Flagship fund, initially started as a market-neutral vehicle, was rebranded in 2023 as a discretionary liquid token, surviving a number of high-volatility events, including FTX and Terra.
With a 61.6% return (net of fees) and a maximum annual drawdown of only 11.6% in FY 2022. these funds have outperformed the broader digital asset market. Over a similar period, Bitcoin returned 36.7%.
Through this acquisition, DNA Fund also aims to capitalize on the growing interest from institutional investors and expand into several new verticals over the coming year, including a Bitcoin & Ether Yield Fund, as well as more speculative funds focused on Al, memecoins and microcaps.
The post DNA Fund Acquires Coral Capital; Adds $50M AUM in Web3 & Emerging Tech appeared first on HIPTHER Alerts.
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