Denver-based startup Dapix Inc. has raised $5.7 million in a Series A funding round led by Binance Labs, the company announced Thursday.
Launched in 2018, Dapix is building a delegated proof-of-stake (DPOS) blockchain to act as the connective tissue between cryptocurrency wallets, exchanges and other applications. The goal is to establish an industry standard across all blockchain platforms for sending and receiving payments in crypto.
“The FIO Protocol is the service layer to the entire blockchain ecosystem,” said David Gold, founder and CEO of Dapix. “[The goal] is to do for blockchain what HTTP did for the internet.”
So far, 24 different blockchain wallet applications have joined the non-profit arm of this initiative, which is known as the Foundation for Interwallet Operability (FIO) Consortium. In February, Binance’s Trust Wallet joined the FIO Consortium, which already includes non-custodial crypto exchange ShapeShift, ethereum wallet application MyCrypto and the official Bitcoin.com wallet.
Speaking about the joint effort, head of Binance Labs Ella Zhang said:
“We invested in the decentralized FIO Protocol because we believe that it has the ability to be the usability layer for the entire blockchain ecosystem. As a start, the FIO Protocol will work immediately across every blockchain. … Over time, Binance envisions the open source FIO Protocol becoming a usability standard that every blockchain-related product integrates.”
Joining Binance Labs in the Series A round are crypto investment firms Blockwall Capital, NGC Ventures and LuneX Ventures.
Dapix’s Gold highlighted the FIO Protocol is targeted for mainnet launch in the first quarter of next year. For now, Dapix and the 24 members of the FIO Consortium are testing out aspects of the protocol with the FIO Address Presale.
FIO addresses are meant to simplify the complex wallet addresses normally used to send and receive cryptocurrency payments. Unlike most other tools to simplify wallet addresses, the FIO protocol aims to standardize addresses across all blockchain platforms and applications.
“Our primary goal with the FIO Address Presale is not to generate the most income possible; it’s to generate engagement with the FIO Protocol,” Gold said, adding:
“We want to get as many people to reserve a FIO domain in advance so they’re ready to use it with their FIO-enabled wallet as soon as mainnet goes live.”
William Foxley Smith contributed reporting.
David Gold image via ETHDenver 2018