W3 Storage Lab, a Sunnyvale, CA-based Web3 decentralized application company, closed a pre-seed financing round of $3M.
The round was co-led by Draper Dragon and OKX Blockdream Ventures with major participation from Lingfeng Capital and participation from other investors.
The company intends to use the funds to grow its global team and fund operations.
Led by Xinglu Lin, CEO, W3 Storage Lab has co-developed a next generation distributed storage ecosystem that is based on the public blockchain and cyfs://.
cyfs:// is a next-generation protocol that re-invents basic Web protocols – TCP/IP, DNS, and HTTP – to create the infrastructure necessary for the complete decentralization of Web3. In development for over 7 years, cyfs:// has recently been open sourced and is now available to the public.
To facilitate a more efficient market for decentralized storage, W3 Storage Lab has also worked closely with the DMC Foundation as a major developer of the Datamall Coin ecology. The Datamall Coin is a cryptocurrency which has been designed to accurately reflect the value of decentralized storage, properly incentivize suppliers of decentralized data, stimulate demand for storing real data in a decentralized manner, and create a efficient market for buyers and sellers of decentralized storage. The DMC token is already on Testnet and will be released to Mainnet in the near future.
W3 Storage Lab is developing a series of applications for both consumers and enterprises that will make heavy use of decentralized storage. These applications will leverage the unique capabilities of cyfs://, and will be announced in the coming weeks.
FinSMEs
18/08/2022