ONO, China’s first blockchain-based decentralized social network, has raised $16 Million in Series A financing from investors including Korea Investment Partners (KIP), Purple Cow Fund, INBlockchain, China Growth Capital, Green Pine Capital Partners, and Grand Shores. The investment will go into the development of the ONO social network ecosystem and future expansion efforts into overseas markets.
“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, Xu Ke, who founded the company in April. Prior to ONO, Xu founded CryptoDogs, a Chinese iteration of the blockchain game CryptoKitties, and ERA, a social media app acquired by Cheetah Mobile for $30 million last year.
Read More: ONO is building the first blockchain-based social network in China
The startup launched the beta first of the ONO dapp (decentralized application) in April and is planning on releasing the international version of later this month. ONO recently announced its participation in the EOS Block Producer campaign.
Social network ecosystem is redefining itself amidst user data privacy controversy in mainstream social media. The new generation social media platforms are increasingly being built on decentralized infrastructure in hope to bring the much-called-for transparency to social networking. Along with a horde new generation social platforms, ONO working on a solution that prioritizes user data and content ownership by leveraging blockchain technology.
“ONO’s vision shows promise for a new generation of social networking,” said Xiaolai Li Chinese bitcoin tycoon and partner at INBlockchain. “We’re pleased to be supporting the next generation of social networking.”