Thailand and Singapore-based startup Band Protocol announced today that it has raised a US$3 million seed funding led by Sequoia India. Joining the round was Dunamu & Partners as well as SeaX Ventures.
Band Protocol describes itself as a startup that “harnesses wisdom-of-crowd and incentivises its digital community of users to curate reliable information”. With the funding, the company plans to further its product development and its go-to-market plans this year.
The investment made by Sequoia India into Band Protocol also marked the global VC’s first blockchain investment in Southeast Asia.
The premise of Band Protocol is that it offers users an opportunity to create a token-curated community that’s specific on a topic or category. The users then will be able to issue personalised tokens as an incentive to encourage data and information curation within that community.
This way, the power is given back to active users and content creators as data owners.
“There’s growing unavailability of trustable data on the internet, coupled with the rising trend of fake news,” said Soravis Srinawakoon, co-founder and CEO of Band Protocol. “Our vision at Band Protocol is to bring online and digital communities together by creating an online platform for the curation of transparent and reliable data.”
With the company’s approach, Band Protocol can serve customers ranging from credit bureaus, fraud detection, KYC and identity verification – as well as any service or site that offers online discussions, recommendations, and rankings.
Band Protocol was founded in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn, and Paul Chonpimai. All three founders have histories with investing in cryptocurrencies since 2013 and have created a crypto game in 2015 that is said to have garnered over 300,000 users.
Band Protocol’s believed to be able to solve the problem of lack of regulation that arises from issues like biased ranking, inaccurate reporting of token metrics, to scams that part retail investors from their money.
To promote the adoption of Band Protocol and demonstrate its application, the team is creating CoinHatcher, that serves as a decentralised portal that aggregates reliable news, research, token-economic information, and a comprehensive directory of crypto projects, founders, and other related ecosystem players for education and data accuracy in the sector.