Polybase raises $2 million in pre-seed financing for building web3 replacement

02/22/2023 14:08 • Metaverse Matters • 135 views

It is reported that Polybase, a cryptocurrency start-up, announced that it had raised $2 million in pre-seed financing. This round of financing is led by 6th Man Ventures, with the participation of Filecoin developers Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, CMT Digital, etc. The goal of this startup is to build a web3 replacement to replace traditional platforms, such as Google’s Firebase and open source databases, such as Supabase and Postgres.

Encryption startup Polybase completed $2 million pre-seed financing

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Polybase, a cryptocurrency start-up, has announced that it has raised $2 million in pre-seed financing. The funding round was led by 6th Man Ventures, with the participation of Filecoin developers Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, and CMT Digital. The aim of Polybase is to build a web3 replacement that will replace traditional platforms, such as Google’s Firebase and open-source databases, such as Supabase and Postgres.

In simple terms, Polybase wants to create a decentralized and transparent platform that can be accessed and used by everyone with a reliable internet connection. Rather than relying on centralized servers or third-party service providers, Polybase uses blockchain technology to store data and perform transactions securely. By using blockchain technology, Polybase ensures that data cannot be tampered with or corrupted, providing a higher level of security and transparency for users.

Polybase aims to build a decentralized platform that can handle various data types, including both structured and unstructured data. This makes it possible to build a wide range of applications such as decentralized social media, file-sharing, online marketplaces, and more. One of the most significant advantages of Polybase is that it is open source, meaning that anyone can access the code and contribute to the project’s development.

The pre-seed financing of $2 million is a significant boost for Polybase as it will allow the company to progress with its plans to build its web3 replacement platform. With the backing of major investors such as Protocol Labs and 6th Man Ventures, Polybase has a solid foundation to build on.

In conclusion, Polybase’s announcement of its pre-seed financing is significant news for the cryptocurrency world. The company’s vision of creating a decentralized and transparent platform that can replace traditional platforms is an ambitious one, but it is one that has the potential to revolutionize the way we interact and access data online. The backing of major investors in this funding round shows the potential of the project, and it will be exciting to see the development of Polybase in the years to come.

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