Crypto News

W3 Storage Lab Raises $3M in Pre-seed Round

[PRESS RELEASE – Sunnyvale, CA, 18th August 2022]

Software Developer to Create a Suite of Killer dApps that Leverage Next-Generation Protocol and Marketplace for Decentralized Storage

W3 Storage Lab, a Web3 decentralized application company, introduced that it closed a pre-seed financing spherical of $3M. The spherical was co-led by Draper Dragon and OKX Blockdream Ventures with main participation from Lingfeng Capital and participation from different buyers. Proceeds from the spherical can be used to develop its international staff and fund operations.

W3 Storage Lab has co-developed a next-generation distributed storage ecosystem that’s based mostly on the general public blockchain and cyfs:/. cyfs:// is a next-generation protocol that re-invents primary Web protocols – TCP/IP, DNS, and HTTP – to create the infrastructure obligatory for the whole decentralization of Web3. It has been in growth for over 7 years, virtually eliminates latency in file retrieval – an enormous drawback with present decentralized storage options – and has infinite scalability. cyfs:// has not too long ago been open sourced and is now accessible to the general public.

To facilitate a extra environment friendly market for decentralized storage, W3 Storage Lab has additionally labored carefully with the DMC Foundation as a significant developer of the Datamall Coin ecology. The Datamall Coin is a cryptocurrency that has been rigorously designed to precisely replicate the true worth of decentralized storage, correctly incentivize suppliers of decentralized information, stimulate demand for storing actual information in a decentralized method, and create a extremely environment friendly market for consumers and sellers of decentralized storage. The DMC token is already on Testnet and can be launched to Mainnet in the close to future.

W3 Storage Lab is growing a sequence of killer functions for each customers and enterprises that can make heavy use of decentralized storage. These functions will leverage the distinctive capabilities of cyfs://, and can be introduced in the approaching weeks. “Web3 has a ton of promise. But other than speculative trading – of both coins and NFTs – very few Web3 applications have delivered meaningful value to everyday consumers,” mentioned Xinglu Lin, CEO of W3 Storage Lab. “We’re going to change that. The cyfs:// protocol gives us a ton of power to design a series of applications that will deliver compelling and lasting value to online consumers around the world.”

“We’re very excited to partner with W3 Storage Lab,” mentioned Richard Wang, Managing Director of Draper Dragon. “They’ve assembled a top-notch team with a clear vision on how they want to positively impact the internet and the world. They’re developing some real break-through technology, and the market desperately needs their solutions. Look for some more ground-breaking announcements from W3 Storage Lab soon.”

“An effective and efficient decentralized storage system is a core infrastructure to sustain the next stage of growth and user adoption for the Web3,” says Dr. Ming Shu, associate at Lingfeng Capital. “We are thrilled by the prospect that W3 Storage Lab will be the player to deliver a series of products that take the user experiences to a new level.”

The W3 Storage Lab staff has developed technology that accounted for greater than 50% of all international P2P visitors and has issued a mixed complete of over 15 blockchain tokens. Xinglu Lin, CEO and Co-Founder, was the co-founder of two extremely profitable start-ups in China and is a distinguished identify in the Chinese web sector. Zhicong Liu, Founding Engineer, architected cyfs://. Victor Chen, COO and DMC Foundation Chair, was CTO of Unisplendour, an web infrastructure supplier, and beforehand labored in IBM Networking. Thi Thumasathit, VP Marketing, is an skilled builder of early-stage Silicon Valley start-ups with expertise in B2C, enterprise SaaS, cybersecurity, and advert:tech, in addition to consulting expertise at McKinsey & Company.

About W3 Storage Lab

W3 Storage Lab is a Web3 decentralized application company headquartered in Sunnyvale, CA with operations around the globe. Its mission is to leverage the ability of Web3 to assist individuals handle, management and defend their very own information. W3 Storage Lab is led by an government staff with a extremely distinctive mix of P2P networking expertise, blockchain experience, and entrepreneurship. It is funded by Draper Dragon Fund, OKX Blockdream Ventures, Lingfeng Capital, and different buyers.

For extra data, go to https://w3storagelab.com.

About Draper Dragon Fund

Founded by Larry Li, Andy Tang, Bobby Chao, and Tim Draper in 2006, Draper Dragon is a cross-border enterprise fund that connects Silicon Valley and Asia. Draper Dragon has places of work in Silicon Valley, Toronto, Shanghai, Hong Kong, Singapore, and Bangalore and has RMB, USD, and digital property funds. Draper Dragon appears for early-stage firms that might disrupt and rework their trade panorama, and the fund and its companions have seeded and invested in many technology unicorns corresponding to Microport Medical (HKSE: 0853.HK), Ledger, Yeepay, Coinbase (Nasdaq: COIN), Otter, 1047 Games, VeChain ($VET), Jing Jin Electric (SHA: 688280), IOTEX ($IOTX), QTUM ($QTUM), Oasis ($ROSE) amongst others. Draper Dragon is an energetic investor in the digital property, IT, and healthcare space, and a core member of Draper Venture Network. Draper Dragon attracts upon the substantial resources and capabilities developed over twenty years of enterprise capital investing, and startup company constructing.

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