Zion’s newest funding spherical brings the decentralized social platform firm’s valuation to $53 million.
Miami-based startup Zion has launched a brand new model of its app offering entry to the Web5 decentralized social community, alongside the elevating of $6 million in a funding spherical led by XBTO Humla Ventures.
The Zion protocol is designed to permit creators to personal their communities whereas customers have management over their on-line identification, and relies on Jack Dorsey’s Block’s Web5 requirements and the Bitcoin Lightning Network. According to the discharge, Zion’s v2 app has a ready record of over 60,000 customers and a valuation of $53 million. The newest spherical of funding was backed by a variety of traders, together with footballer Aaron Rodgers and motivational speaker Tony Robbins.
The new app supplies a “universal standard for social data exchange” primarily based on “decentralized identities, communities and social content” and “interoperable peer-to-peer relationships.” Its features include a decentralized identifier system, decentralized web nodes and a Bitcoin Lightning wallet. Zion claims to have already served over 3,000 creators, while processing more than 120,000 transactions between creators and fans using Lightning.
Founder and CEO Justin Rezvani said that the company’s business model was “primarily based on providing you with a product that you should use to construct your viewers, that you could personal and monetize”. The aim, he added, is for Zion to be “the final platform you ever should construct an viewers on”. The protocol, Rezvani said, was a response to the “large-scale censorship of speech and a ceaseless array of information breaches, globally” that has resulted from centralized social media platforms.
Greg Carson, managing partner at XBTO Humla Ventures, said the team at Zion combined “a deep understanding of creator communities and scalable peer-based content material expertise” with a Lightning payments network, making the company “a novel and thrilling funding for the ecosystem”.
Disclaimer: BTC Inc, Bitcoin Magazine’s mum or dad firm, is an investor in Zion.