Decentralised cross-chain data brokerage platform, Itheum, has secured a $1.5 Million seed round from Morningstar Ventures. The funds will go towards providing further incubation for the project. This will help the project realize fast growth and reach its full potential. Itheum sees vast potential in the UAE market as the first stop towards establishing the world’s first decentralised multi-chain data brokerage platform.
Itheum is the first project incubated by Morningstar Ventures’ Dubai based Elrond Incubator
What to expect from the project
Following the funding round, Itheum will continue to develop its infrastructure. This will help it become the core data platform for the Web3 ecosystem and the “Open Metaverse”. In addition, users will be able to use the Data DEX for peer-to-peer data trade. In addition, it will enable the creation virtual avatar identities backed by personal data. Furthermore, they will mint personal datasets as NFTs. It will also be possible to interact with other data avatars and engage in cross-metaverse data trade. Finally, the platform will enable users to align themselves to Data Coalition DAOs.
Morningstar Ventures launched the Elrond Dubai Incubator, in October 2021. The incubator is part of a $15 million initiative funded by Morningstar Ventures. Its aim is to bring more developers and projects to the Elrond ecosystem. Ultimately, Itheum targets to develop exciting and innovative use cases. Some of the key areas of focus include enterprise-level data sharing and personal data-backed metaverse identity technology.
Danilo, CIO at Morningstar Ventures stated, “The Itheum team has taken the complex (and serious) technological challenge of decentralized data ownership and trading and made it “sexy and relevant” by building consumer data products in the NFT, Gaming and Metaverse domains.”
About Itheum
Itheum is a platform that provides decentralized blockchain-based data brokerage solutions. It aims to seamlessly bridge high value data into web3 with blockchain tools. It enables peer-to-peer trading with no intermediaries. In addition, the platform powers decentralized applications (dApps) using personal data.
The use of blockchain technology ensures users can take ownership of their data and partake in the Web3 and Metaverse data economies. Ultimately, Itheum aims to create an open, decentralized metaverse.
The Itheum core platform currently exists across Ethereum, Polygon, and Binance Smart Chain. It is developing a mechanism to roll out their primary core implementation to Elrond. The move will put it on course to have a multi-chain and interconnected data-driven Metaverse.
About Morningstar Ventures
Morningstar Ventures is an investment firm that focuses on digital assets and blockchain technology. It invests primarily in early-stage token and equity rounds. In particular, the firm has a strong interest in supporting the Elrond ecosystem.