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Lens Protocol Raises $15M Funding to Decentralize Social Media

source-logo  coinfomania.com 09 June 2023 08:02, UTC

Blockchain-based project Lens Protocol announced on Thursday the close of a $15 million funding to finance its flagship service, decentralization of social media.

Launched in 2022 by Aave’s founder Stani Kulechov, Lens Protocol operates as a Web3 social graph development platform. It seeks to transform social media by creating an open and user-owned social layer on the internet. The protocol harnesses the Ethereum layer-2 network Polygon.

Lens Protocol Bags $15M

The latest funding was led by over 30 venture capital firms, angel investors, and decentralized autonomous organizations (DAOs). These include IDEO CoLab Ventures, Seed Club Ventures, Robot Ventures, Polygon Labs’ Sandeep Nailwal, Sandbox’s Sébastien Borget, Uniswap’s Hayden Adams, Flamingo DAO, Punk DAO, etc.

The funding will be used to continue the protocol’s mission of “shaping the social layer of the internet.” Although the project is still in beta mode, it seeks to allow users to seamlessly access various decentralized applications through a universal profile, preserving their digital identity, social connections, and created content.

Commenting on Lens’ effort to take social media to the Web3 ecosystem, Nick van Eck, partner at General Catalyst, said:

“Lens is working toward building a platform that empowers users, creators, and entrepreneurs. With their open technology, data, and algorithms, Lens is poised to transform social networking by driving more value to users and content owners.”

Crypto Projects See More Funding

Last year, the play-to-earn gaming project Animoca Brands expected some funding from investors. The funding was postponed due to the crypto meltdown that enveloped the year. However, recent reports show that this year has profited crypto projects as they see more funding from investors to build their projects.

Earlier this week, the Bitcoin-focused life insurance company Meanwhile netted $19 million to build its services. In another report, Worldcoin, a crypto project developed by OpenAI’s CEO Sam Altman, saw $115 million to fund its AI-focused product.

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