OpenSocial Protocol raises $6 million in funding from Framework Ventures and North Island Ventures
Summary
OpenSocial raised $6 million in strategic funding led by Framework Ventures and North Island Ventures.Other participants in the round include Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital and angel investors such as Selini Capitals Jordi Alexander, EigenLayers Sreeran Kannan, Pudgy Penguins Luca Netz and Polygon Labs Sandeep Nailwal, according to a release shared with The Block.The round brings OpenSocials total funding raised to $26 million. It intends to use the funds to growing its multichain tech and including more ecosystem support for web3 community apps.OpenSocial Protocol builds in elements for intellectual property, community relationship, monetization and financial incentives for web3 apps. The platform develops infrastructure for multi-chain community economies, prioritizing user retention and user growth while mitigating bot activity, according to the company release.The walled garden approach of Web2 social applications today lacks composability, interoperability across apps, true ownership, and incentives for communities, creators and users who provide the content, attention and value for these networks," OpenSocial Founder Allen Ng told The Block. "Disclaimer: The Block is an independent media outlet that delivers news, research, and data. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.