Polybase Raises $2 Million to Build Web3 Replacement for Traditional Platforms

02/22/2023 14:08 • Metaverse Matters • 138 views

It is reported that Polybase, a cryptocurrency start-up, announced that it had raised $2 million in pre-seed financing. This round of financing is led by 6th Man Ventures, with the participation of Filecoin developers Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, CMT Digital, etc. The goal of this startup is to build a web3 replacement to replace traditional platforms, such as Google’s Firebase and open source databases, such as Supabase and Postgres.

Encryption startup Polybase completed $2 million pre-seed financing

Analysis based on this information:

Polybase, a cryptocurrency start-up, has raised $2 million in pre-seed financing. Led by 6th Man Ventures, the round of financing saw the participation of major investors such as Filecoin developers Protocol Labs, Orange DAO, Alumni Ventures, NGC Ventures, and CMT Digital. The announcement indicates a strong interest and support from the investment community for the innovative product that Polybase is developing.

Polybase’s goal is to build a web3 replacement for traditional platforms such as Google’s Firebase and open-source databases like Supabase and Postgres. Web3, also known as the decentralized web, is the next evolution of the internet where users have more control over their data and identity. The team at Polybase aims to create a platform that empowers developers to build decentralized applications (dApps) and services that offer higher levels of privacy, security, and interoperability.

This announcement is particularly significant as it comes at a time when the world is witnessing a rapid adoption of cryptocurrency and blockchain technology. The COVID-19 pandemic has accelerated digital transformation and highlighted the need for secure, decentralized, and transparent systems.

Polybase’s solution is expected to disrupt the current centralized data-hosting paradigm, which entails significant data breaches, hacking attempts, and surveillance. By leveraging the features of blockchain, such as immutability, transparency, and decentralization, Polybase aims to create a more secure and transparent alternative.

The success of Polybase highlights the increasing interest from investors in the blockchain and cryptocurrency space. As more traditional investors realize the potential of this technology, it is likely that more capital will flow into the sector.

In conclusion, Polybase’s recent funding round and plans to build a Web 3.0 protocol for decentralizing data hosting represent a significant development in the blockchain and cryptocurrency space. The company’s innovative solution is poised to shake up the current centralized data hosting paradigm and offer developers a more secure, transparent, and decentralized alternative to traditional platforms.

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Polybase Raises $2 Million to Build Web3 Replacement for Traditional Platforms

Encryption startup Polybase completed $2 million pre-seed financing

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