Elrond, Mechanism Capital, and other key entities in blockchain and crypto have made serious investments in Itheum, CoinText learned from a press release. These extend the earlier $1.5 million round funded by Morningstar Ventures, which incubated Itheum through Elrond’s Dubai Incubator.
Itheum turns heads in crypto and blockchain space
Among the other prominent VCs and investors are Ascensive Assets, Woodstock, MHC Digital Finance, Spark Digital Finance, Skynet EGLD Capital, and ZBS Capital. The new investments mark another significant milestone for the Itheum team.
With this new support, Itheum has now raised a total of $4 million. This will allow the team to work on ownership and trade of personal data in the Metaverse.
Mark Paul, founder of Itheum commented:
It's 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 – a vision that is shared by our amazing investors with whom we are glad to now share this journey.
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.
Far-reaching, successful partnership with Elrond
Recently, Itheum partnered with Elrond to bring its service to more users and developers and become part of Elrond’s ecosystem through the Maiar Launchpad.
Itheum also allows users to control their personal data using Elrond's internet-scale blockchain technology. Data is converted to assets via the NFMe-ID NFT technology, establishing "soulbound" data avatars to use in the Metaverse.
Allowing users to enhance their avatars with a metadata layer unlocks a naturally recurring revenue stream for the Metaverse economy and improves the personal Web3 experience.
Millions of players worldwide now own their data
Itheum is using its NFMe-ID technology to generate “player passports”, allowing millions of gamers worldwide not only to own their player data, but also to make money through an exciting “share-data-to-earn” dynamic.
NFMe-ID technology also lets data consumers gain more accurate and valuable data sets at competitive prices, aligning these consumers’ values with those of Web3 users.