Itheum has announced further investment from important partners, in addition to the $1.5 million raised in its seed round in January.
The Elrond-based decentralized data brokerage platform announced in a news release on Thursday that the new funds were from the Elrond Foundation, Mechanism Capital, and Ascensive Assets. Skynet EGLD Capital, Woodstock, MHC Digital Finance, ZBS Capital, and Spark Digital Finance are among the other investors who contributed to the additional capital.
The new contribution raises the overall amount of investment funds to the Itheum coffers to $4 million, according to the platform’s announcement.
Giving metaverse users access to their personal data
It’s been a busy few weeks for Itheum, with the additional finance transactions following the announcement of a huge alliance with Elrond.
Elron revealed earlier this month that the “Open Metaverse” initiative would expand its services through the Maiar Launchpad. The open metaverse tag is appropriate for Itheum’s efforts to decentralize and open up ownership and trading of personal data in the metaverse.
Itheum’s founder and CEO, Mark Paul, had this to say about the company’s unique value proposition for the web3 data technology space:
“At a time when the world is concerned about data centralisation and data exploitation, Itheum offers a much-needed potential for change – a vision shared by our incredible investors, with whom we are delighted to now embark on this adventure.”
Itheum’s technology enables the concept of true data ownership to be realized in a decentralized Web3 environment. Users can convert their personal data into assets using Elrond’s Internet-scale technology and Itheum’s NFMe-ID NFT technology.
As a result, owners can use Data Avatars in the metaverse, including monetising them by adding a metadata layer.
The Itheum team anticipates that the project will go live on Elrond’s Maiar Launchpad in March.