Elrond-Based Metaverse Data Start-up Itheum Raises $1.5 Million: Details

Itheum, a first-ever graduate of Elrond's Dubai blockchain incubator, shares the details of its last funding round and development update.

Elrond-based Itheum secures $1.5 million in funding, Morningstar Ventures onboard

According to a press release shared with U.Today, Elrond-based data platform Itheum has successfully concluded its seed funding round. A total of $1,500,000 was secured from blockchain-focused VC heavyweight Morningstar Ventures.

This round comes as the next step in the $15 million initiative by Morningstar Ventures as this team fuels Elrond's Dubai blockchain incubator with funding.

The funds raised will allow Itheum to expand its presence in the Middle East and cement itself as a leading decentralized data brokerage platform.

Mark Paul, founder of Itheum, stresses that its team adheres to a revolutionary approach when it comes to the technical design of its data model in view of the Metaverse euphoria:

Itheum provides a suite of tools that enable high-value data to be bridged from web2 to Web3 and then be traded peer-to-peer with no centralised intermediaries. The use of blockchain technology ensures users can take ownership of their data and partake in the Web3 and Metaverse data economies.

Pioneering multi-chain data brokerage: Itheum integrates Ethereum, Binance Smart Chain and Polygon

Danilo Scarlucci, CIO of Morningstar Ventures, stresses the importance of Itheum's proposition in terms of decentralized data storage instrument progress:

After receiving interest from 100s of projects over the last three months since our announcement of our Dubai Elrond Incubator, and deep-diving on a dozen of quality projects, we couldn't be more excited to reveal Itheum to our community. 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.

With Itheum fully rolled out, its customers will be able to trade their virtual identities in a decentralized manner, mint personal datasets as NFTs and integrate them into the digital economics of the Web3.0 era.

To ensure an unmatched user experience, Itheum rolls out its mechanisms on three major EVM-compatible blockchains, i.e., Ethereum, Binance Smart Chain and Polygon (previously, Matic Network).