Karma3 Labs raises $4.5M to build OpenRank - a Decentralized reputation protocol
Summary
Using OpenRank, developers and web3 protocols can power consumer apps, communities and marketplaces with an open ranking and recommendation layer that provides users with security and peace of mind when making decisions onchain, without having to trust centralized gatekeepers. "A decentralized internet characterized by fairness and transparency hinges on the existence of a robust reputation system," said Sahil Dewan, founder and CEO of Karma3 Labs. Weve seen the impact PageRank has had in web2 and there is a massive opportunity to build a similar reputation primitive on-chain, said Mike Giampapa, General Partner of Galaxys venture team. "The fundraise was led by Galaxy and IDEO CoLab Ventures, with participation from Spartan, SevenX, HashKey, Flybridge, Delta Fund, Draper Dragon, and Compa Capital. Angel investors from Xooglers Fund and veterans from Coinbase, ConsenSys, IPFS, along with Andrew Hong from Dune Analytics and Liang Wu from the Harvard Crypto Lab also invested in the seed round.