ConsenSys Spin-Out 3Box Raises $2.5 Million to Build ID Tools for Dapp Devs
Summary
3Box, the latest startup to leave the Brooklyn-based incubator ConsenSys, just raised money to fuel a new identity tool for app developers. The startup recently closed a $2.5 million seed round led by Placeholder Ventures, with investments from Venrock, CoinFund, Northzone and ConsenSys itself. The “3” in 3Box is a subtle nod to the notion of Web3, a term used to describe the distributed evolution of digital platforms from social media sites to ticket sellers. “We’re building a decentralized storage network on top of IPFS that allows all these services to tap into it, but it’s governed by the users’ consent,” 3Box co-founder Michael Sena told CoinDesk. “The benefits of minimizing risk and reducing liability, building lighter weight apps faster, those extend far beyond Web3 developers,” Sena said.