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HomeTechnologyCrypto protocol Golden raises $40 million in investment round led by a16z

Crypto protocol Golden raises $40 million in investment round led by a16z

Golden, a cryptocurrency company that is developing a data protocol with web3 tools, has completed a Series B investment round in which it collected $40 million. This brings the total amount of money that the company has raised so far to $60 million.

According to an announcement made by the Golden, other investors in the round include Raj Gokal, who helped build Solana, Arash Ferdowsi, who helped launch Dropbox; and Bastian Lehmann, who established Postmates. Matt Bellamy, the main vocalist of the rock band Muse and a partner at Helium-3 Ventures, was also one of the investors in the company.

In addition to this the company said, Ali Yahya, who is now a general partner at a16z, will also be joining the board and will serve alongside Marc Andreessen, who is already a board member and the co-founder of a16z.

The money will assist the firm in its attempts to establish a platform that, according to the company, utilises Web3 technologies and mechanics in order to consolidate data. Through the use of tokens, the system incentivizes the submission of accurate data and financially punishes users who submit inaccurate data.

It is now in the testnet phase, and there are 35,000 people contributing facts and confirming information via the use of a live decentralised app, APIs, and early governance in operation. In the second quarter of 2023, it is anticipated that the protocol will become operational on the mainnet.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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