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

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.