Itheum is pleased to announce an investment from Elrond, Mechanism Capital, and other crucial investors in the crypto and blockchain space. The funding extends the earlier $1.5 million round funded by Morningstar Ventures which incubated Itheum via their Elrond Dubai Incubator.
Itheum continues to turn heads in the cryptocurrency and blockchain world. The data brokerage project for Web3 development has secured additional funding from numerous prominent VCs and investors. Itheum raisedĀ
The extra funding notes participation from the Elrond Foundation, Mechanism Capital, Ascensive Assets, Woodstock, Skynet EGLD Capital, ZBS Capital, MHC Digital Finance, and Spark Digital Finance. Thanks to this extra financial injection, Itheum has now raised $4 million in capital, enabling the team to push the boundaries of how personal data can be owned and traded in the Metaverse.Ā
The new investments mark another significant milestone for the Itheum team. Additionally, Itheum recently partnered with Elrond to become part of its ecosystem through the Maiar Launchpad, bringing its service to more users and developers.Ā
Mark Paul, Founder of Itheum comments on the news: Itās been an exciting few months for Itheum, with our web3 data technology establishing a unique value proposition for a decentralized, open metaverse. In a time when the world is concerned about data centralization and data exploitation, Itheum provides a much-needed opportunity for change ā a vision that is shared by our amazing investors with whom we are glad to now share this journey.Ā
Danilo Carlucci, CEO at Morningstar Ventures added: We are excited about this new batch of fresh investors that will help us support Itheum long term, and seeing them aligned with the strong conviction we have had in them, provides many opportunities.
Itheum lets users control their personal data as assets with the help of Elrondās internet-scale blockchain technology. Data conversion to assets occurs via the NFMe-ID NFT technology, establishing āsoulboundā Data Avatars to use in the Metaverse.Ā
Enabling users to add a metadata layer to their avatars enhances the personal Web3 experience and unlocks a naturally recurring revenue stream for the Metaverse economy. Itheumās go-to-market strategy in the highly hyped web3 gaming industry is also amassing strong interest, as they use their NFMe-ID avatar technology to spawn āplayer passportsā that enable the millions of gamers around the world to own their player data and earn new income via an exciting āshare-data-to-earnā dynamic.
More importantly, NFMe-ID technology is a crucial catalyst for end-user adoption of the Metaverse. Simultaneously, it allows data consumers to gain more valuable and accurate data sets at competitive prices, aligning the values of Web3 users and data consumers.Ā
