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Blockchain startup Band Protocol has secured $3 million in a seed funding round led by Sequoia India, Tech In Asia reported.
The funding round also saw participation from Dunamu & Partners and SeaX.
Founded in 2017, Band Protocol is an open, permissionless blockchain protocol to create token-curated communities. It aims to band communities together with open and reliable data source through decentralized curation protocol.
Speaking with the news outlet, Band Protocol’s co-founder and CEO Soravis Srinawakoon pointed out that online communities in Reddit and Bitcointalk have become full of “self-promoted ICOs,” which led them to identify the need for “a better way to curate data in the online communities.”
Band Protocol’s platform will enable any entity – a company, brand, or developer – to form a “community focused on a specific category or topic as well as issue personalized tokens to curate data and information within that community,” Tech In Asia said. It will make it easier for developers or companies to plug in tokens into their ecosystem.
“They can use our SDK to get started within minutes rather than days, and without the hassle of dealing directly with blockchain and smart contract,” Srinawakoon added.
The company intends to use the fresh funding to support and accelerate the development of its mainnet, expand its engineering team, and establish its go-to-market strategy for this year.
“Because we are a protocol, we need to support other developers and enterprises who want to develop on top of our protocol, which will require a bigger team,” he said.
