CyberConnect Raises $15M to Expand Social Graph Protocol

The project seeks to make user data interoperable between Web 3 dapps.

AccessTimeIconMay 17, 2022 at 1:10 p.m. UTC
Updated May 17, 2022 at 3:23 p.m. UTC

Web 3 social graph protocol CyberConnect said Tuesday it raised $15 million in Series A funding.

CyberConnect seeks to make personal data, such as social media platform handles and followers, work across Web 3 protocols. Blockchains tend to create data siloes.

The funding round was led by Animoca Brands and Sky9 Capital, and the company plans to put the funding towards building out the protocol, expanding the team and onboarding new Web 3 projects, CyberConnect CEO Wilson Wei told CoinDesk via email.

CyberConnect seeks to eliminate “moats around user data” and be more accessible to projects in the space.

“Ultimately, an open social graph lays the foundation for such identities and a truly interoperable and seamless social experience, which is the core feature of the metaverse,” said Wei.

CyberConnect also seeks to benefit creators in terms of their cross-platform social followings. By allowing them to have follower interoperability, they can take fans across platforms to horizontally build out their brand.

“This is critical as now there’s mobility for their social capital, which they might have spent years building and could be worth way more than immediate financial incomes,” said Wei.

According to Wei, 23 projects have integrated CyberConnect, and 12 more are on the way. Project Galaxy, Mask Network and Metaforo are just a few examples of companies partnered with CyberConnect.

“Credentials with social connections are really enabling Web 3 holistic identities and a new generation of meaningful social experiences on Web 3,” Project Galaxy co-founder Harry Zhang told CoinDesk.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Argo Blockchain Hires Derivatives Trader to Navigate Market Rout, Sells BTC to Reduce Loan

The miner saw gains in bitcoin production in June, but its margins narrowed.

CoinDesk - Unknown
2
CoinDesk - Unknown
Ethereum Scaling Solution Immutable X Will Allow Ether-to-Dollar Withdrawals

The tool is one of the first layer 2 services to allow users to withdraw U.S. dollars.

CoinDesk - Unknown
3
CoinDesk - Unknown
Animoca Brands Leads $32M Funding Round for Planetarium Labs

The capital will help the Web3 gaming company develop its community-driven network.

CoinDesk - Unknown
4
CoinDesk - Unknown
Solana Labs, Multicoin Accused of Violating Securities Law by SOL Investor

Solana’s SOL token is an unregistered security whose insiders have benefitted while retail suffered, the suit alleged.

CoinDesk - Unknown