Cypher Capital, a venture capital firm located in the UAE, today announced that it has set up an ecosystem fund together with Ocean Protocol according to which it will be allocating $5 million to invest in Ocean Protocol projects. Ocean Protocol is a platform for data exchange and monetization that builds on Ethereum and other EVM-compatible blockchains. Ocean Protocol is available on WazirX, one of India’s most trusted Bitcoin & Cryptocurrency Exchange.
The open-source protocol facilitates the exchange and monetization of data and data-based services, allowing people to buy and share information securely while preserving privacy. Ocean Protocol makes use of “datatokens” to give businesses and individuals access to data, where tokens can be redeemed to access information.
Ocean Protocol aims to build a new Data Economy powered by a dynamic group of builders and start-ups. So far, over 150 projects have been funded via OceanDAO and Shipyard programs to encourage and support grassroots innovation, says the company.
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Projects like Algovera, DataUnion, Data Whale, DataX, Felt, Ocean Pearl, Swash and Transport Genie are some of the many funded initiatives that are now positioned as catalysts for Ocean’s wide scale adoption. Created by an Indian Founder, Manan Patel, DataX aims to further the growth of Ocean ecosystem through innovative DeFi tooling for datasets.
With a hands-on approach of nurturing start-ups in their initial phase, Cypher Capital has played a vital role in the growth of successful crypto and blockchain start-ups including Kilt Protocol, Sheesha Finance, PAID Network, Splinterlands, CasperLabs, Matterless Studios, Prasaga, AukiLabs and Cross The Ages.
Ocean Protocol is working to unlock a new Data Economy by breaking down data silos and making quality data accessible. Ocean’s marketplace technology allows data to be published, discovered, and consumed in a secure, privacy-preserving manner. Ocean helps to give data owners the comfort and safety to share and monetize data without losing control.