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Morningstar Ventures Backs Elron-based Itheum Project, Invests $1.5M -Breaking

by Mike Robinson

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Morningstar Ventures backs Elron’s Itheum Project and invests $1.5M
  • Itheum receives $1.5M from Morningstar Ventures in its seed round.
  • It was part of an initiative worth $15M called Elrond Dubai Incubator.
  • Itheum can be found on the Polygon and BSC networks.

Itheum, an Elrond-based ‘Open Metaverse’ data platform, is happy to announce that it has secured a $1.5M investment from Morningstar Ventures during its seed round. To help the project reach its full potential, this business decision will guarantee that it has an incubation space from its beginning stages.

Itheum was the flagship project of Elrond Dubai Incubator and was founded in October 2021. Morningstar Ventures funded this incubator in a $15M program to attract more projects to the Elrond platform.

With Elrond’s cutting-edge approach, it can process transactions at an amazing speed. Additionally, it opens doors to complex services and products that use blockchain technology as well as smart contracts.

Moreover, Itheum views the UAE as its first stop gearing towards building the world’s first decentralized multi-chain data brokerage platform. The project has a solid team of investors and is committed to reaching that goal.

Mark Paul (Founder of Itheum) expressed his views on this amazing news.

Itheum is a collection of tools that allows high-value data to cross over from web2 and Web3 to then be exchanged peer-to–peer without any central intermediaries. Users can own their data through blockchain technology and take part in the Web3/Metaverse data markets.

Morningstar Ventures Danilo, CIO, comments that hundreds of projects have expressed interest in Morningstar Ventures Danilo since Elrond Dubai Incentive round announcement. He says,

The Itheum team has taken the complex (and serious) technological challenge of decentralized data ownership and trading and made it “sexy and relevant” by building consumer data products in the NFT, Gaming and Metaverse domains.

After the funding round, the Elron-based project shall continue to work on its infrastructure to become the core data platform for the “Open Metaverse” and the Web3 ecosystem. Itheum is currently on the Ethereum Smart Chain and Polygon networks.

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