Band Protocol offers a proprietary platform that users – organisations, developers and brands – can utilise to set up a community focused on a specific top and issue personalised tokens to curate data and information within that community. These tokens can be used as an economic incentive to motivate users to actively participate in the community.
Its seed round was joined by Dunamu & Partners, an investment arm of Korean fintech company Dunamu, and SeaX, a VC fund that invests in early-stage deep tech companies.
The proceeds of the latest financing will further accelerate Band Protocol’s product development and help establish its go-to-market strategy for 2019, the startup said in a statement.
“The blockchain industry has gone through several ups and downs, but we take a long-term view. We have been very impressed with Band Protocol’s experience in the blockchain space across several industry cycles, as well as the team’s technical skills and strategic approach,” said Pieter Kemps, Principal at Sequoia Capital (India) Singapore.
Founded in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn and Paul Chonpimai, Band Protocol says its platform is ideal for fraud detection, KYC and identity verification, credit bureaus and any service or site that offers online discussion, recommendations and rankings.
The global cost of fraud is estimated to reach nearly $4 billion and Band Protocol claims to provide a solution for fake news, information biases and inaccurate reporting.