Cypher Capital, a venture capital firm located in the UAE, today announced that it has set up an ecosystem fund together with Ocean Protocol according to which it will be allocating $5 million to invest in Ocean Protocol projects. Ocean Protocol is a platform for data exchange and monetization that builds on Ethereum and other EVM-compatible blockchains.
The open-source protocol facilitates the exchange and monetization of data and data-based services, allowing people to buy and share information securely while preserving privacy. Ocean Protocol makes use of “datatokens” to give businesses and individuals access to data, where tokens can be redeemed to access information.
Ocean Protocol aims to build a new Data Economy powered by a dynamic group of builders and start-ups. So far, over 150 projects have been funded via OceanDAO and Shipyard programs to encourage and support grassroots innovation. Projects like Algovera, DataUnion, Data Whale, DataX, Felt, Ocean Pearl, Swash and Transport Genie are some of the many funded initiatives that are now positioned as catalysts for Ocean’s wide scale adoption.
Cypher Capital’s investment team will review and evaluate Ocean Protocol’s proposals, off of which decisions will be made. The $5 million investment will be spread out across 20 projects over 24 months, or two or three investments of a minimum of a quarter-million each per quarter if a project is highly recommended by the Ocean Protocol team.
Ocean Protocol is spearheading the move to unlock a new Data Economy by breaking down data silos and making quality data accessible. Ocean’s marketplace technology allows data to be published, discovered, and consumed in a secure, privacy-preserving manner. Ocean helps to give data owners the comfort and safety to share and monetize data without losing control.
With a hands-on approach of nurturing start-ups in their initial phase, Cypher Capital has played an important role in the growth of successful crypto and blockchain start-ups including Kilt Protocol, Sheesha Finance, PAID Network, Splinterlands, CasperLabs, Matterless Studios, Prasaga, AukiLabs and Cross The Ages.
Cypher Capital is building a 10,000 sq.ft. hub for crypto and blockchain start-ups which is set to open in Q4 2022 in Jumeirah Beach Residence, Dubai. The hub reflects the company’s commitment to the blockchain community and its vision to provide mentorship and guidance to its members in all matters relating to their projects.