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Cypher Capital allocates $5m to invest in Ocean Protocol ecosystem projects

Cypher Capital, a venture capital firm located in the UAE, is allocating $5 million to invest in Ocean Protocol projects. Ocean Protocol is a platform for data exchange and monetisation that builds on Ethereum and other EVM-compatible blockchains.

The open-source protocol facilitates the exchange and monetisation of data and data-based services, allowing people to buy and share information securely while preserving privacy. Ocean Protocol makes use of “datatokens” to give businesses and individuals access to data, where tokens can be redeemed to access information.

Ocean Protocol aims to build a new Data Economy powered by a dynamic group of builders and start-ups. So far, over 150 projects have been funded via OceanDAO and Shipyard programs to encourage and support grassroots innovation. Projects like Algovera, DataUnion, Data Whale, DataX, Felt, Ocean Pearl, Swash and Transport Genie are some of the many funded initiatives that are now positioned as catalysts for Ocean’s wide scale adoption.

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