Phuture Raises $1.5m in Seed Funding to Launch Indexing Protocol on Ethereum – Press release Bitcoin News
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Phuture, a Canadian company based in Toronto, has raised $1.5 million in seed funding for a decentralized database that indexes the world’s data. The system will be used to build decentralized search, indexing, and sharing apps that will be available on the Ethereum blockchain. The Phuture platform is still in the early stages of development, but the system will make use of a new Indexing Protocol (IP) built on top of the Ethereum blockchain.
Phuture, the company responsible for innovation around the TLA+ cryptocurrency index funds, has announced a seed funding round with a goal of $1.5m. The investment was led by a group of strategic angel investors who are interested in the future of cryptocurrency. The investors in the seed round include Naval Ravikant, founder of AngelList and Venture Hacks, and Nick Tomaino, the first employee at Coinbase, among others.
PRESS RELEASE. Phuture, a decentralized protocol for creating and investing in passive index strategies in a Web3 environment, today announced the closing of a private seed funding round. The round, led by Ascensive Assets, raised a total of $1.5 million.
Once launched, Phuture will introduce an open design philosophy for creating passive investment strategies. Designed from the start to be intuitive for cryptocurrency users and others, Phuture provides tools to create new indices or invest in existing indices created by the community. The Phuture protocol presents its unique, scalable, and aggregated index architecture that allows multiple indices to be rebalanced simultaneously. An intelligent rebalancing engine dynamically determines the optimal rebalancing triggers, minimizing swap losses and improving index performance.
Several leading blockchain investors participated in the round, including: NGC Ventures, SevenX, Moonrock Capital, Origin Capital, Waterdrip Capital and D64.
Other sponsors included Genblock Capital, Decentralabs, Synergia, Vendetta Capital, Richard Ma (CEO of QuantStamp), Danish Chaudhry (CEO of Bitcoin.com Exchange) and leading liquidity provider Skynet Trading.
Charles Storrie, head of development at Phuture, said: At Phuture, we’re thrilled to be working with some of the most exciting investors in the field. We will work together to redefine the role of the index in a Web 3.0 environment and realize our vision to become the de facto index solution in cryptocurrencies. The capital raised will be used to fund further development of Phuture for the upcoming launch of the first version, as well as to build the ecosystem, including the Phuture team and early adopter base.
Speaking about the investment in Phuture, Oliver Blakey, managing partner of Ascensive Assets, added: We are proud to support Phuture as a leading investor. We believe indices will play a big role in cryptocurrencies, just as they do in traditional finance. Phuture introduces a new blueprint for indexing protocols and bridges the gap between cryptocurrencies and the broader market with its track record of development – an invaluable attribute as cryptocurrencies continue to permeate the traditional financial world.
About the future :
Phuture is a decentralized protocol for creating and investing in passive token-based investment strategies in a Web3 environment.
The Phuture protocol presents a permissionless index creation process that allows the creation of powerful index products with dynamic weightings, sector tracking, and asset return optimization.
This is a press release. Readers should exercise their own due diligence before taking any action with respect to the advertised company or any of its affiliates or services. Bitcoin.com shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services mentioned in the press release.
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