Venture capital firm Cypher Capital, along with data exchange platform Ocean Protocol, has formed an ecosystem fund under which it will allocate পাঁচ 5 million to invest in ocean protocol projects.
“We look forward to investing in projects together with Ocean Protocol. We will support data marketplaces supported by corporations that are building applications for data services through the Ocean Protocol platform in their data-driven business models, “said Bijan Alizadeh, co-founder and partner at Cipher Capital.
According to Cipher Capital, its investment team will review and evaluate proposals for the Ocean Protocol, in which a decision will be made. The পাঁচ 5 million investment will be spread over 20 projects in 24 months, or two or three investments per quarter if a project is recommended by the Ocean Protocol Team.
“Our interests lie in the mission of the Ocean Protocol as it creates a decentralized data exchange platform for publishers and customers around the world,” said Vineet Budki, managing partner and CEO of Cipher Capital.
The goal of the Ocean Protocol is to break the data silo and unlock a new data economy by making quality data accessible. “Ocean Marketplace technology allows data to be published, discovered and used in specific ways. It gives data owners the right to share and monetize data without losing control, “the company said in a statement.
Cipher Capital’s commitment to investing in the Ocean Protocol ecosystem is the potential for a new data economy and recognition of the role of the ocean in space, says Bruce Pon, founder of the Ocean Protocol. “Ocean Ecosystem has built a pipeline of projects that are close to functioning for seed funding. Meanwhile, Cipher Capital connects the ecosystems of the Middle East, North Africa and South Asia. As Dubai accelerates its push to become a global node for crypto-innovation, cipher capital resources and innovations from the ocean community, we look forward to seeing the next wave of adoption, focusing on data, ”he said.