a16z Crypto Leads $3.6 Million Seed Round for Decentralized Information Exchange Protocol Freatic – What Does It Do?
Freatic, a decentralized information exchange protocol built by a team of developers, has secured $3.6 million from a trove of investors.
The project, as revealed by the development team, has emerged from stealth mode and is gearing up for its public launch. Leading this investment round is the prominent crypto investment firm a16z (Andreessen Horowitz).
We're excited to announce that Freatic has raised a $3.6 million seed round led by @a16zcrypto!— Freatic (@freaticteam) September 20, 2023
Read more about it in the announcement below:https://t.co/tG9AvzritH
First a quick intro 🧵 pic.twitter.com/Wg1hTwpe3J
In an official Medium blog post, Freatic also highlighted the participation of other noteworthy investors, including venture capital (VC) firms such as Anagram, Archetype, Not3Lau Capital, and Robot Ventures, in this seed round.
Freatic is focused on providing access to untapped information hubs often shared amongst informal networks of acquaintances.
These untapped information hubs represent valuable resources and opportunities accessible to one group of individuals without the awareness of another group.
Given that the blockchain ecosystem is largely siloed from real-world events, Freatic aims to bridge this gap by utilizing blockchain cryptography and game theory.
Alpha Factory is hosted on top of the Ethereum layer-2 scaling solution Polygon, focusing on curating crypto insights from individuals.
Freatic will provide incentives using a peer consistency mechanism to ensure relevant and accurate information is shared. This approach encourages positive behaviors among those transmitting information to the Freatic protocol.
Meanwhile, Capture The Alpha is operational on another layer-2 scaling solution called the Arbitrum protocol. This platform utilizes a competitive on-chain reputation system, safeguarding specific information until certain conditions are met to trigger them.
Notably, this venture into the blockchain ecosystem is not Freatic’s first foray. According to the team of anonymous developers, their journey began with Hotnewcrypto.com.
They provided investors with insider information on the prelaunch details of new crypto protocols and unknown decentralized applications that were gaining major traction in their industry.
a16z Crypto Thrilled With Latest Portfolio Addition
Popularly recognized as Andreessen Horowitz, a16z Crypto is a top dog in blockchain-based investment and services acquisition.
The platform has a crypto portfolio that boasts Coinbase, smartphone-based blockchain protocol Celo, Dapper Labs, Chia, dYdX, Flow blockchain, and dozens of others.
Commenting on the VC firm’s continued focus on providing much-needed liquidity to blockchain-focused services, a16z Crypto’s General Partner Ali Yahya noted that Freatic fills an obvious market need.
According to Yahya, Freatic provides an ecosystem for decentralized exchange of information.
Stating the VC firm’s stand, he pointed out that a16z crypto is thrilled to support the full development and subsequent deployment of the permissionless information hub.