Source: Block Tribune, originally published on .
Blockchain social network ONO has raised $16 million in its Series A funding from top blockchain and cryptocurrency venture capital firms. Investors include INBlockchain, China Growth Capital, Purple Cow Fund, KIP, Green Pine Capital Partners, and Grand Shores.
Founded by Ke Xu in April of this year, ONO is a new type of social network based on blockchain technology that aims to create an ecosystem based on the value of attention with the main principles of freedom, equality and social public governance for users. ONO users can freely share and obtain valuable content, chat for study, communicate, and participate in building the ONO ecosystem. While creating network activity, it will provide users with incentives to earn ONOT as the reward as laid forth by the referendum.
The funds will be used to support the development of the ONO mainnet, ecosystem, and the further expansion of the network into overseas markets. To date, ONO has garnered the support of 280,000 beta users in the first two months of its launch, with a 65 percent retention rate. The company plans to release the international version of its app later this month.
Xu, who founded CryptoDogs, the Chinese equivalent of CryptoKitties, said that by leveraging blockchain technology, ONO challenges the traditional social networking model, which non-transparently monetize its user’s data.
“We’re overwhelmed and grateful for support for ONO by social network users that believe in our vision for a democratic and decentralized social network,” said CEO and founder of ONO, Ke Xu. “Backed by investors who share our vision, we’re confident that ONO will someday be the model for a new generation of social networking, built using blockchain technology, and we’re excited to be paving the way to this future.”
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