Koinify has raised $1 million to further develop its decentralized application crowdfunding platform.
The platform will enable the creation of smart corporations – also known as decentralized autonomous corporations (DACs) – and decentralized applications (DApps). Upon launch, investors will be able to use Koinify to buy tokens associated with various projects using bitcoin.
Tom Ding, CEO and founder of Koinify, said that the money will be used to both develop the platform and promote the broader concept of decentralized companies and applications.
Pierce, whose AngelList syndicate recently topped $1m in investor funding, lauded both the company's leader and its concept. Ding has notably worked as a product manager for eBay and as an online marketing specialist for Alibaba.
“Right model. Right time,” Pierce added.
Funding channels decentralized
Koinify seeks to provide the financial backbone for one of the more nascent areas of the bitcoin economy, namely decentralized platforms and entities that, according to some, constitute crypto 2.0.
Decentralized projects can use the platform to raise funds, allowing developers to circumvent an environment ill-suited for startups that lack wealthy backers or industry connections.
Yet, beyond financial considerations, Koinify wants to provide an ecosystem for decentralized entities to access funding and build a whole new economic infrastructure from the ground up.
As Ding noted:
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