Elrond Foundation, Mechanism Capital, and others invest in Itheum as it nears launch

After receiving $1.5 from Morningstar Ventures which incubated Itheum via their Elrond Dubai Incubator, Itheum has received more funding as it gears for launch. This time around, the funds came from Elrond Foundation, Mechanism Capital, Ascensive Assets, Woodstock, Skynet EGLD Capital, ZBS Capital, MHC Digital Finance, and Spark Digital Finance.

Itheum continues to cause a storm within the crypto world with its data brokerage project for Web3 development. The project has attracted the attention of several prominent VCs and investors who have dedicated funds for the project.

The new investments come right on the heels of Itheum’s partnership with Elrond as it sought to become part of the ecosystem via the Majar Launchpad.

Founder of Itheum, Mark Paul, commented on the news of the new investments saying:

“It’s been an exciting few months for Itheum, with our web3 data technology establishing a unique value proposition for a decentralized, open metaverse. In a time when the world is concerned about data centralization and data exploitation, Itheum provides a much-needed opportunity for change – a vision that is shared by our amazing investors with whom we are glad to now share this journey.”

Itheum has raised over $4 million

Following the additional funds, Itheum has now raised $4 million, which shall allow the team behind the project to come up with better ways of how personal data can be owned and traded in the metaverse.

Itheum seeks to let users use their personal data as assets with the help of Elrond’s internet-scale blockchain technology to establish ‘soulbound’ data avatars to use in the metaverse. Allowing users to add a metadata layer to their metaverse avatars enhances the personal Web3 experience while unlocking a revenue stream for the users from the metaverse.