A16z Leads $40M Funding for Web3 Data Protocol Golden

The protocol will use tokens to incentivize users to submit accurate information.

AccessTimeIconOct 3, 2022 at 8:04 p.m. UTC
Updated May 11, 2023 at 6:55 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Web3 data startup Golden has raised $40 million in a Series B round led by the crypto arm of noted venture capital firm Andreessen Horowitz (a16z), according to a post on the company’s website. The capital, which brings total funding up to $60 million, will help Golden build its decentralized and incentivized data protocol.

A16z co-founder Marc Andreessen served on Golden’s board of directors prior to the fundraise, and a16z partner Ali Yahya will now join the board. A16z set a new industry record in May with a $4.5 billion commitment for its fourth crypto-focused venture capital fund.

  • a16z Crypto CTO on ZK Projects ‘Jolt’ and ‘Lasso,’ State of Crypto Tech Research
    12:55
    a16z Crypto CTO on ZK Projects ‘Jolt’ and ‘Lasso,’ State of Crypto Tech Research
  • Eco App CEO on Launching 'Cash-Like' Crypto Wallet 'Beam'
    06:18
    Eco App CEO on Launching 'Cash-Like' Crypto Wallet 'Beam'
  • Venture Capital Firm a16z Unloads $7M of MKR Tokens as Price Soars
    03:46
    Venture Capital Firm a16z Unloads $7M of MKR Tokens as Price Soars
  • A16z Chooses London as Destination for First Office Outside U.S.
    06:16
    A16z Chooses London as Destination for First Office Outside U.S.
  • “Knowledge is fragmented; to find reliable information, one needs to search across centralized repositories, personal webpages, news sites, blogs, and private databases. The world lacks a standardized interface for discovering, contributing and verifying knowledge,” wrote Golden founder and CEO Jude Gomila in the announcement. “Creating this interface in a scalable way requires not just data; it requires the development of incentives for data entry, verification, and governance.”

    The blockchain-backed Golden protocol is essentially designed to provide financial incentives via tokens to those who provide correct data and the validators who verify the data is accurate. Incorrect information will be penalized. Organizations can pay to access and use the data.

    The Golden protocol is currently in testnet, with the mainnet launch planned for the second quarter of 2023.

    Other investors in the round included Protocol Labs and its founder Juan Benet, Solana blockchain founder Raj Gokal and Dropbox co-founder and ex-Chief Technology Officer Arash Ferdowsi, among others.

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.