a16z leads $40M raise for decentralized knowledge protocol

Decentralized knowledge protocol Golden has closed a $40 million funding spherical led by enterprise agency Andreessen Horowitz, or a16z, with extra participation from Protocol Labs, OpenSea Ventures and the founders of Solana, Dropbox, Postmates and Twitch, amongst others. 

In addition to main the Series B funding spherical, Andreessen Horowitz’s common accomplice Ali Yahya will be part of Golden’s board alongside a16z cofounder Marc Andreessen. The funding offers Golden extra sources to proceed constructing its protocol, which is designed to standardize the invention and verification of knowledge within the period of Web3.

Specifically, Golden is creating a decentralized interface that incentivizes gathering and verifying canonical information. The firm claims that over 35,000 customers participated in early testnet phases of the protocol.

Related: Microsoft, Avalanche, Polygon be part of $20M funding of Web3 automation startup

While enterprise financing for the crypto business has slowed lately, 2022 has seen document inflows for blockchain-focused startups. Recently, hedge fund Pantera Capital upped the ante by disclosing plans to raise $1.25 billion for its second blockchain fund. Projects specializing in Web3, which refers to some future iteration of the web, have attracted outsized curiosity from the enterprise capital neighborhood.

In describing its product, Golden stated that incorporating Web3 applied sciences is “well suited to solve the core problems” of incentivization. Golden plans to make use of native tokens for rewarding ‘good actors” but also specified that the final product is “not simply ‘Web3 Wikipedia’.” The mainnet is scheduled for launch within the second quarter of 2023.

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