Golden is a crypto firm that works in making a data protocol with web3 tools, and recently Golden has raised $40m in a Series B funding round, In this funding a16z crypto has to lead the round, and through this $40m new investment brings golden’s the total valuation up to $60m.
Golden 40m a16z Series Cryptotheblock
Golden is a crypto firm developing web3 protocol that raised $40 million in a Series B funding round led by Andreessen Horowitz. The company Golden wants to develop a decentralized and incentivized data protocol for the future, with the total now at $60 million.
Golden was co-founded by Marc Andreessen, who served on its board of directors and invested in the company. A16z partner Ali Yahya will now be joining Golden’s Board of Directors. A16z set a new industry record for the amount committed for its most recent venture capital fund in May, with $4.5 billion invested in crypto-focused startups.
Jude Gomila of Golden wrote that the lack of easy access to reliable knowledge is concerning. He hopes to provide a centralized interface where people can enter, verify and rate data for others to find in seconds.
The key to this is creating incentives for people to participate so the contribution does not stop after some initial data entry.
The Golden protocol uses tokens as a reward for the data providers and validators who offer accurate information. There are financial incentives for those who provide quality content. Incorrect information will be penalized.
The Golden Protocol has completed testing in the testnet, with the mainnet coming in 2023. Copymatic has some notable investors, such as Protocol Labs founder Juan Benet and Dropbox cofounder Arash Ferdowsi.
A16Z’s arm that deals with crypto say they see the potential for Web3 and cryptocurrencies to disrupt the power imbalance created by Facebook and Twitter (and so on). The power to navigate the internet is currently held by a small group of companies.
Dixon was not a fan of this idea and said that the idea of having the internet controlled by five companies was very bad for both entrepreneurs and Venture Capital.
A16z has quadruped its fund size to $4.5 billion and continues to invest in crypto companies, despite Bitcoin’s 50% fall over the past six months. data as per golden 40m crypto a16z seriestheblock.
When we hit a downturn, it is easier to find great deals because buyers are hurting. I have seen downturns as an opportunity in the venture capital world.
Using blockchain technology helps traditional finance to be more efficient. On Monday, DTCC processed hundreds of thousands of settlement transactions through Project Ion, and BNP Paribas uses JPMorgan’s blockchain network, Onyx.
Blockchain technology is fueled by the smart contracts which are written into the code, Dixon said. A new system could be created that creates an equilibrium for the internet, where the effect of networks can help out groups, not just companies.
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