- The company did not disclose its valuation
- Lens Protocol has been in beta testing since last May
Web3 product Lens Protocol, which is being created by Aave, was able to raise $15 million in investment.. The funding round was led by IDEO CoLab Ventures, with participation from well-known funds such as Blockchain Capital, FlamingoDAO, Global Coin Research, Palm Tree Crew and others. In total, 14 investors participated in the round.
The new capital is planned to be used to expand the protocol ecosystem as well as continue development.</nbsp;
Aave CEO, Stani Kulechev, said:
“The protocol aims to combine the best aspects of the Internet as we know it, with a special focus on the latest web3 innovations.. Its goal is to make social media “fairer, fairer and more democratic” by giving them the benefits of web3.”
He also added that Lens Protocol aims to allow individual customers to have more control over their data and how it is shared. The project has been in beta testing for over a year, since May 2022. Currently, only a few users have access to it. Kulechev said the roadmap will continue to be in beta testing for some time, and the next goal is to open up access to the protocol.
It is hoped that the protocol will solve the problems social media users and companies face in the long term, not only in the cryptocurrency space, but also in general markets.