Morningstar Ventures Backs Elron-based Itheum Project, Invests $1.5M

Itheum, an Elrond-based ‘Open Metaverse’ data platform, is happy to announce that it has secured a $1.5M investment from Morningstar Ventures during its seed round. This business move shall guarantee a proper incubation environment for the project from its initial stages to help it reach its full potential.

Launched in October 2021 by Morningstar Ventures, Itheum is the pioneer project of the Elrond Dubai Incubator. As part of a $15M initiative, the incubator was funded by Morningstar Ventures to bring more projects and developers to the Elrond ecosystem.

With Elrond’s cutting-edge approach, it can process transactions at an amazing speed. Further, this opens up doors for more complex products and services that utilize blockchain technology and smart contracts.

Moreover, Itheum views the UAE as its first stop gearing towards building the world’s first decentralized multi-chain data brokerage platform. With the help of a credible team and prominent investors, the project is dedicated to achieving that goal.

The Founder of Itheum, Mark Paul, expressed his thoughts on the exciting news:

Itheum provides a suite of tools that enable high-value data to be bridged from web2 to Web3 and then be traded peer-to-peer with no centralized intermediaries. The use of blockchain technology ensures users can take ownership of their data and partake in the Web3 and Metaverse data economies.

Meanwhile, the CIO of Morningstar Ventures Danilo adds that it has received interest from hundreds of projects over the last three months since the Elrond Dubai Incubator round was announced. He comments,

The Itheum team has taken the complex (and serious) technological challenge of decentralized data ownership and trading and made it “sexy and relevant” by building consumer data products in the NFT, Gaming and Metaverse domains.

After the funding round, the Elron-based project shall continue to work on its infrastructure to become the core data platform for the “Open Metaverse” and the Web3 ecosystem. At present, Itheum is on the Ethereum, Binance Smart Chain, and Polygon networks.