OKX Ventures Leads Seed Round in Decentralized Data Protocol Codatta
Rongchai Wang Jun 12, 2024 15:57
OKX Ventures spearheads seed investment in Codatta, aiming to monetize Web3 data.
OKX Ventures, the investment arm of the prominent crypto exchange OKX, has announced its leading investment in Codatta, the first decentralized data protocol designed to build foundational data infrastructure for developers and protocols, according to OKX Ventures.
Overview of Codatta
Codatta aims to create a robust data infrastructure with built-in mechanisms that generate scientific confidence levels. The protocol allows Web3 users to monetize their data and efforts in developing publicly accessible data without compromising privacy. Codatta has built a substantial network of data contributors who enhance data confidence through AI-verified evidence, multi-party cross-referencing, and staking-as-confidence mechanisms.
Developers can leverage Codatta to create Web3-native applications powered by machine learning models. Potential applications include criminal-resistant networks, on-chain advertisement, dApp-agnostic recommendation systems, and credit-based lending products.
Statements from OKX Ventures
Dora Yue, Founder of OKX Ventures, expressed enthusiasm about the investment: “We are thrilled to lead the seed investment in Codatta. They are pioneering AI technology in blockchain metadata collaboration, enabling complex transactional analysis, trend analysis, and DeFi project research. By capturing annotation data while protecting on-chain address privacy, Codatta sets new standards. The protocol’s extensibility allows for an ever-growing scope of data, unlocking an expanding list of Web3-native applications.”
Since its Beta launch in April 2024, Codatta has attracted millions of address annotations from users, complementing its existing 500 million tagged addresses. OKX Ventures believes that Codatta has the potential to become a go-to platform for developers seeking essential data.
About OKX Ventures
OKX Ventures is the investment division of OKX, the second-largest crypto exchange by trading volume. With an initial capital commitment of USD 100 million, it focuses on exploring innovative blockchain projects globally. The firm supports cutting-edge blockchain technology innovation and promotes the healthy development of the global blockchain industry by investing in long-term structural value.
Through its commitment to backing entrepreneurs who contribute to the blockchain industry, OKX Ventures aims to build innovative companies and bring global resources and historical experience to blockchain projects.
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