According to The Block’s report on June 5, blockchain startup Snickerdoodle Labs received $2.3 million in funding in a round of seed financing.

The company aims to use non-fungible token (NFT) technology to build a platform to protect users’ privacy and data. The project was co-founded by Jonathan Padilla, the former head of PayPal’s blockchain strategy.

According to Friday’s announcement, the seed round of financing was led by the Hong Kong blockchain investment company Kenetic, with venture capital funds Blockchain Capital, Struck Ventures, Zilliqa capital, FTX, Sam Bankman-Fried, Tribe capital, and Zinal Growth all participating in this. Round investment.

The goal of this startup is to “build a dynamic and secure data economy that creates value for all stakeholders.” By establishing a data economy, the company enables users to own data in a secure way and currency their data.化.

Padilla believes that Snickerdoodle is different from other NFT companies in that it focuses more on the commercialization of tokens rather than making them represent digital items. It plans to achieve this goal by using NFT as a cookie in the Web 3.0 ecosystem, enabling tokens to support what the company calls “development of commercial and industrial NFTs.”

Padilla said in an interview with The Block:

Snickerdoodle is focused on reshaping the Internet and empowering individuals. This is a brand new idea.

He went on to say that although the platform was designed to create non-homogeneous tokens for business and industry, the creators of non-homogeneous tokens can also benefit from it. He said that Snickerdoodle has communicated with some artists and said that this is another way for them to gain revenue by inserting content into multiple media. He believes that the infrastructure built by Snickerdoodle will provide creators with more versatility.

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Padilla said:

Although the participation of the NFT ecosystem has increased dramatically in the past year, it still lacks a reliable way to ensure true data ownership and privacy, as well as safe and voluntary data business activities. This is exactly what we are building.

The startup said it plans to host a token issuance this summer to “further capitalize” on its development and growth.