The Parami Protocol team, which addresses next-gen blockchain-based advertising practices, concludes its funding round with $3 million raised.
Parami raises $3 million to advance Web3 ecosystem
According to a press release shared with U.Today by the Parami team, it has successfully completed its strategic funding round. Parami managed to secure a total of $3 million from seasoned blockchain-focused VCs.
The list of core investors behind this splendid round includes NGC Ventures, CMS Holdings, Genesis Block Ventures (GBV), Digital Finance Group, Genblock Capital, Signum Capital, Axia8 Ventures, Spark Digital Capital, Digital Renaissance and YBB Foundation.
Venture capitalists that pledged capital to Parami are enthusiastic about the role this project plays in a global Web3 metaverse. Jack Lu, managing director of NGC Ventures, noticed that:
Parami is a crucial player in the Web 3.0 ecosystem. We believe their strong team and groundbreaking tech will bring about a better version of the internet, and we want to support the development of such a powerful project.
Crypto Discover, PNYX Ventures, DCI Capital, AU21 Capital and some core members of Parity Foundation also supported Parami with their funds.
Harnessing Polkadot's Substrate for real-world use cases
Launched in early Q1, 2021, Parami is focused on addressing the challenges of the ad business with Web3 tools. It leverages cutting-edge blockchain concepts (decentralized identity [DID], zk-proofs and so on) to advance advertising practices.
Fresh funding will fuel the development of the security module of Parami's application. Its privacy network features a parachain on Substrate.
Thus, users and validators of Polkadot (DOT) and its "canary network," Kusama (KSM) can benefit from the enhanced privacy kit of Parami.