360 Finance Spin-off Invests in DREP Foundation
DREP Foundation (DREP) has received investment of an undisclosed sum from 360 Innovation Capital, an investment fund with strategic affiliation to 360 Finance, one of the biggest fintech companies in China. 360 Finance is a spin-off of Qihoo 360, China’s largest Internet security listed company.
DREP Foundation is building a decentralized reputation ecosystem to introduce transparent and reliable reputation systems for both online and offline businesses plug and play. DREP’s suite of solutions, aside from quantifying reputation of users through a series of reputation system mechanisms such as up- and down-voting, can also weed out click-bots and duplicate accounts.
360 Innovation Capital aims to support and advance blockchain innovations by providing promising startups with access to capital and knowledge. Projects in their portfolio include: ælf, EOS Gravity and Zeniex. The team behind the fund will support DREP Foundation with their expertise in traditional finance, Internet security, and blockchain technology, connecting the DREP Foundation team to valuable resources and networks.
Xiaolong Xu, co-founder at DREP Foundation said, “To be included in 360 Innovation Capital’s portfolio adds another layer of validation for the work that we have done and are doing. Their diverse experience with blockchain projects across different industry verticals will prove invaluable to us in determining how we move forward. This is the beginning of an exciting journey of learning and collaborating with them.” Xu was the former Lead Developer at open-source blockchain project Qtum.
This investment follows a string of strategic partnership announcements for DREP Foundation over the last two months, with the likes of multi-layered transaction blockchain QuarkChain, Indian enterprise-grade big data solution Zebi and Vietnamese travel tech startup Triip.me, among others. The company earlier announced funding from Hong Kong-based cryptocurrency exchange KuCoin.
ABOUT DREP Foundation
DREP Foundation is devoted to building a performance-oriented technology infrastructure supporting high transaction capacity for an ecosystem generating valuable reputation data. Focusing on two industry pain points: lack of user adoption and low transaction throughput, DREP Foundation aims to provide highly scalable, modular blockchain architecture for deployment of a reputation protocol that any types of platforms can use.
DREP envisions a global plan to empower a wide array of platforms to have tokenized reputation ecosystem deployed on top of DREP Chain, which is secure, scalable and reputation data supportive.
Currently, we have achieved several milestones such as commercial deployment of DRApps in Middle East, Australia, Singapore and China and strategic partnerships regarding on on-chain offerings such as IP protection and ID verification. More details can be found in our following social channels.
Reach us on social channels
Website — www.drep.org
Telegram — https://t.me/drep_foundation
Twitter — twitter.com/drep_foundation
Reddit — www.reddit.com/user/DREP-FOUNDATION/
Medium — medium.com/@DREP_Foundation
Linkedin — www.linkedin.com/company/drep-foundation/
Steemit — https://steemit.com/@drepfoundation
