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Blockchain Firm ReadON raises $2M Seed Round

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Joyashree Dey Follow

INDIA

Aug, 12 2022

Aug, 12 2022

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On August 11, Blockchain company ReadON announced in a press release that it has completed its seed investment round of $2M led by SevenX Ventures with participation from other investors including HashKey Capital, Foresight Ventures, Sky9 Capital, ArkStream Capital, Puzzle Ventures, CyberConnect, M23 Fund, Smrti Lab and individual investors.  


The seed funding is for developing a ReadON mobile application and a decentralized recommendation system. The company aims to provide users with a brand-new content consumption experience by utilizing blockchain. 


“Traditional internet platforms have supreme authority over content distribution and user data, based on which they feed content to users instead of allowing them to choose the content they want, resulting in information silos created by algorithms,” said ReadON’s co-founder and CEO Neo Y. 


ReadON intends to create a distinct distribution model by allowing the community to upvote and curate the content so that the users can easily access the high-quality content efficiently. 


Through the Topic-bound NFT mechanism, users with experience, knowledge, and influence on different topics can gain voting power and cast their judgment on curators. Using the True-Read technology, content consumers’ reading behaviors can also affect the rating of curators. 


ReadON enriches the on-chain content ecosystem by attracting and bringing more creators and curators into the Web3 world. ReadON plans to launch plug-ins in the near future that help creators readily claim their ownership of content produced on Web2 social media platforms such as Medium. 


As ReadON’s co-founder & CTO Troy H. noted, “the essence of ReadON is to give creators ownership to their contents without changing how they create and publish, allowing authors, readers, and editors to profit from their contributions.”   


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Joyashree Dey

CBW - External Analyst

INDIA

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