Web3 Data Gets Boost: OKX Ventures in Codatta Seed Round

OKX Ventures, the investment division of prominent crypto exchange and Web3 technology company OKX, declared its leadership in the seed round financing of Codatta, a pioneering decentralized data protocol, on June 12, 2024.

This venture marks a strategic move to establish foundational data infrastructure essential for developers and various protocols.

Codatta: A Pioneering Decentralized Data Protocol

Codatta sets itself apart as the initial decentralized data protocol designed to offer developers foundational data infrastructure. It integrates sophisticated mechanisms that generate scientific confidence levels.

This protocol aims to empower Web3 users to monetize their data and development efforts in creating publicly accessible databases without sacrificing privacy.

Codatta has built a large network of data contributors, enhancing data reliability through AI-verified proofs, multi-party cross-referencing, and staking-as-confidence strategies.

Furthermore, it enables developers to develop Web3-native applications utilizing machine learning models in various fields, including criminal-resistant networks, on-chain advertisement, dApp-agnostic recommendation systems, and credit-based lending products.

Dora Yue, the founder of OKX Ventures, expressed her enthusiasm about leading Codatta’s seed investment.

She highlighted Codatta’s innovative approach in AI technology within blockchain metadata collaboration, which facilitates complex transactional analysis, trend analysis, and DeFi project research. “By capturing annotation data while protecting on-chain address privacy, Codatta is setting new standards,” Yue said.

The protocol’s extensibility facilitates a growing scope of data, which in turn unlocks a broadening list of Web3-native applications. Since its beta launch in April 2024, Codatta has seen substantial growth, with millions of address annotations contributed by users, augmenting its existing database of 500 million tagged addresses.

OKX Ventures is the investment branch of OKX, the second-largest crypto exchange by trading volume, and a significant Web3 technology firm with an initial capital commitment of USD 100 million.

Its strategic focus is on identifying and supporting the most promising blockchain projects globally, fostering innovation, and contributing to the robust development of the global blockchain ecosystem.

OKX Ventures is particularly instrumental in evolving the Bitcoin ecosystem and has supported infrastructure projects designed to enhance Bitcoin’s functionality and broaden its utility.

These investments include Arch Protocol, which integrates decentralized finance (DeFi) into the Bitcoin blockchain, and Bitlayer, which aims to improve Bitcoin’s scalability and transaction speed.

OKX Ventures: Powering Innovation in the Crypto Ecosystem

Apart from Bitcoin-focused projects, OKX Ventures has a keen interest in broader crypto market initiatives. It supports innovative projects like Monad and Aptos, which push the boundaries of blockchain performance and smart contract technology.

OKX’s portfolio also extends into the gaming sector, with investments in high-quality projects like Matr1x and the full-chain game Cellula, reflecting its commitment to the growth of the crypto ecosystem.

Additionally, OKX Ventures recently ventured into the gaming industry with an investment in the action role-playing game Blade of God X by Void Labs.

This early access game introduces a unique “play to train” feature, which integrates advanced AI with blockchain technology, allowing players to directly influence the training of AI models through their gameplay.

According to a press release from OKX Ventures, games in this series have accumulated over six million downloads, and Blade of God X has successfully raised $6 million.

Tnise, founder of Void Labs, expressed gratitude for OKX Venture’s commitment, noting, “This partnership will furnish us with the necessary resources and guidance to continue innovating, broaden our horizons, and deliver exceptional gaming experiences to players worldwide.”

OKX Ventures’ consistent strategic investments and a focus on infrastructure and application development solidify its position as a significant player in the crypto industry, shaping the future landscape of blockchain technology and fostering the adoption and evolution of the crypto ecosystem.