Decentralized crowdfunding platform Koinify has raised a whopping $1 million from IDG Capital Partners, zPark Ventures, Bitcoin Foundation board member Brock Pierce and his AngelList syndicate, along with Danhua Ventures.
The funding, in combination with a previous seed investment, brings Koinify’s total funding raised to $1.4 million.
“Right model. Right time. Tom Ding is a star,” said Brock Pierce, referring to Koinify’s CEO.
“This additional funding round signals excitement and interest from the investment community in the new wave of the decentralized economy revolution,” Ding said. “The extra funding will primarily be used to continue development of a secure and extremely user friendly funding platform, as well as to evangelize decentralized application development.”
The funding is just one of the latest to take place, signaling immense innovation coming out of the bitcoin sector.
“We have always been looking for really ambitious and radical ideas to disrupt the inefficient legacy system,” Ding adds. “The blockchain and smart contract technology allows developers to essentially replace the classic hundred year old corporate monopoly with lines of code. This simply wasn’t imaginable before the Bitcoin era, without significant counterparty risk.”
Koinify says their platform will be launching soon. According to a press release, Koinify’s first project is “under wraps.”