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Blockchain firm, Wakweli Raises $1.1 Million To Authenticate NFTs And Tokenized Assets

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, a Web 3 protocol aiming to become the reference of trust for tokenized assets on decentralized ecosystems, announced the successful close of its seed funding round, raising $1.1 million, an announcement on Tuesday confirmed. The funding will be used to extend its product offering and development of new features that preserve tokenized assets’ market integrity and drive its liquidity. 

According to the team statement, the seed funding was led by top crypto VCs including , a blockchain investment firm and , which is part of the Funfair Technologies Group, a pioneer in the blockchain gaming industry. The seed round funding also included a number of unnamed angel investors, who pledged capital to back Wakweli’s vision of launching its authentication platform using the Proof-of-Democracy (PoD) consensus algorithm. 

Crucially, the funding is expected to enable the rollout and launch of new product offerings, including a community-backed protocol “ that enables NFT marketplaces, buyers, and creators to benefit from a provable mark of authenticity for NFTs and other tokenized assets”, the report states. The funding further shows the trust of crypto VCs in the growing authentication marketplace for NFT and tokenized assets, a vision that Wakweli, which is Swahili for Truthtellers, shares with the latest partnerships.  

“Collaborating with partners who share the same values and aspirations allows us to work towards a common goal to build a better future through innovation and trust,” Co-Founder and CEO Shaban Shaame said. “We appreciate the confidence our partners have placed in Wakweli and are excited to start this journey together.”

As NFTs and tokenized assets go mainstream, there remains a critical problem of duplicates and counterfeits, whereby an asset can be represented differently across multiple blockchains. Wakweli aims to eliminate this problem through its decentralized authentication protocol. Additionally, Wakweli acts as a trusted and reliable source for verified and real tokenized assets with an aim to increase transparency, protect market players, and identify fraudulent activities to keep the Web 3 ecosystem safe. 

Speaking on the latest partnership with Wakweli, FunFair Ventures COO Lloyd Purser said, 

“The problem Wakweli is solving is very real and needs addressing, it is a critical part of web3’s journey to mass adoption.”

Geneva-based Wakweli is currently incubated by EverdreamSoft, a Swiss-based blockchain gaming company founded in 2010 by Shaban Shaame. The growth of Wakweli hangs heavily on Shaame, who  brings a wealth of blockchain gaming experience to the project. Other leaders in Wakweli include  Co-founder Markéta Korteova, who also serves as the Chief Operating Officer of EverdreamSoft, and Antoine Sarraute, also a co-founder, and has vast experience in the tech, AI, and Web 3 space. 

“The team is hugely experienced and passionate and has shown great trajectory, and we firmly believe that Wakweli will be a key enabler in the growing use of web3 technology in the years ahead,” Lloyd Purser added. 

Wakweli has been on an upward trajectory over the past year or so, launching their whitepaper, the Wakweli alpha demo, and a refined PoD concept in 2022. In the coming months, Wakweli plans to launch pilot projects for vertical products and integrations, refine their game theories and simulations and launch a public network. 

Mathieu Vincent, CEO of Summit Mining and Summit Gravity also shared his thoughts on the investment in Wakweli, praising the innovative project, 

“It is thanks to the implementation of innovative solutions like Wakweli that trust in the blockchain, crypto and NFT ecosystem will grow to the point where this universe will become obvious to everyone.”

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