H2O Funding Announcement
H2O secures strategic round for its Ocean-backed stable asset ahead of TGE and targeted community airdrop
We are thrilled to announce that the strategic funding round for H2O is now complete. The project is capitalized, well equipped and has strategic investors onboard, aligned with our vision of enabling $H2O to become the preferred Medium of Exchange and Unit of Account for the emerging Web3 data economy.
Round Details
In total, H2O raised $1,250,000 for 5% of its token supply of $PSDN governance tokens, from a number of notable angel investors, VCs, and DAOs. In harmony with the project’s sensible tokenomics, Investor tokens will be subject to a 6-month cliff (with 10% unlocked) with a linear vest over a 2-year period.
Each of the invested parties will support H2O on its path to become the dominant stableasset in Ocean Protocol’s Data Marketplace and the blossoming Web3 Data ecosystem.
The round was led by Trent McConaghy & Bruce Pon (Ocean Protocol Co-Founders), and Ocean Protocol Foundation. Other notable investors include, but are not limited to, Big Brain Capital, Next Web Capital, 0xVentures, GAINS Associates, HG Ventures, and Small Cap Scientist.
Coming up Next: TGE + Targeted $PSDN airdrops and LP incentives
More information will be disclosed in the coming days, but we’re pleased to confirm the launch of the H2O Protocol is happening on April 27th. There’s something special planned for Ocean Protocol, New Order DAO and Reflexer community members and at launch. At launch $OCEAN holders will be able to deposit their tokens to mint $H2O. In the near future, H2O will use data tokens as collateral for its data-backed $H2O, a first in the nascent Web3 Data Economy.
We are coinciding the roll out of $H2O to synergise with the launch of Ocean Market V4.
$H2O is going to position itself as the native stable asset of the Web3 data economy and we couldn’t be more excited with that opportunity — we share Ocean Protocol’s vision of a trillion dollar decentralised data economy and are positioned to become an important primitive in the ecosystem.
Okarin, Business Lead at H2O, shared his enthusiasm about the strategic round and the next steps on H2O’s journey: “For the past 5 years I’ve been absolutely fascinated by blockchain technology and dreaming about a more important role for Data within Web3. This is why I decided to make H2O my full time commitment and experiencing the excitement of our partners and strategic investors around our vision energises me and the entire team.”
We want to thank the community and are looking forward to announcing our next milestones, which are just around the corner.
Welcome to H2O
We’d love for you to join our growing community of builders and users committed to decentralized data economies in DeFi. You can start by joining one or more of our community channels.
About H2O
H2O is a Ocean backed stableasset with a managed float regime that serves as a medium of exchange and unit of account in decentralized data marketplaces.
Disclaimer: This article has been published previously on our Mirror blog.
