Galxe Secures $10M Led by Multicoin Capital And Dragonfly Capital To Build The Largest Open Credential Network In The World

Leading Credential Data Network Offers Pre-Built Modules for Web3 Marketing Campaigns, NFT Drops, Credit Scoring, and Sybil Attack Prevention

Galxe (previously Project Galaxy) today announced a $10 million financing round. The round was co-led by Multicoin Capital and Dragonfly Capital, with participation from Spartan Group, Sky9 Capital, Coinbase Ventures, Binance Smart Chain Growth Fund, C-Squared Ventures, Lattice Capital, Mirana Ventures, Folius Ventures, Solana Ventures, Jump Capital, Alameda Research, Sfermion, HashKey, 6th Man Ventures, Zee Prime Capital, Smrti Labs, Mask Network, Draper Dragon, Injective Protocol, Cultur3 Capital, Matrixport Ventures, APE NFT, Republic Fund, Shima Capital, Evernew Capital, and many other Web3 industry leaders. The new funding will be used to grow the credential data network, expand support for multiple data sources, and build out robust application modules to help projects leverage digital credential data more effectively.

Credential data today are segregated across closed databases that are owned and permissioned by applications, government organizations, and financial and credit institutions. This has led to a fractured landscape that is not open to the individuals who should own that data or the applications that need it. Galxe aims to solve this problem using an open and collaborative credential data network that helps Web3 developers leverage digital credential data to build better products and communities. At the same time, data curators are rewarded when credentials are used in Galxe’s application modules and Credential Oracle Engine.

“Galxe is quickly becoming one of the most important layers of the Web3 stack and credentialing data is an absolutely massive market,” said Mable Jiang, Partner, Multicoin Capital, “It can be used for building user experiences, marketing, and advertising campaigns, and validating work and education experience, among many other applications. The design space is vast and lucrative but requires a coordinating network to unlock its full potential.”

In addition to hosting one of the largest databases of Web3 credentials in the world, Galxe also offers several application modules to help Web3 projects build better products and more engaging communities. For example, projects can reward community members and increase engagement using Galxe’s OAT (On-chain Achievement Tokens) module. They can attract targeted audiences by utilizing digital credentials in combination with the airdrop module. They can also utilize Galxe’s credentials to build customized voting systems and or gated community modules to help bootstrap network effects. The community is also building more modules to help calculate on-chain credit scores, in addition to Sybil attack prevention algorithms, as well as the Galxe Credential Oracle service, which can be customized for more specific use cases.

“Galxe is pioneering in leveraging credentials to run an entirely new form of crypto-native marketing. Its campaign modules are the first of their kind and are quickly becoming the standard with projects looking to contact thousands or even hundreds of thousands of community members. I am also really excited about seeing projects utilizing Galxe credentials to achieve other goals such as customized voting systems and on-chain credit scores.” said Haseeb Qureshi, Managing Partner, Dragonfly Capital.

Galxe is live today and available to whitelisted curators and applications to either contribute to or leverage its digital credential database. Users can either collect credentials or participate in various campaigns; curators can contribute desirable data, which has the potential to generate reward via the network’s forthcoming native token.

About Multicoin Capital

Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies. Crypto networks and companies will create trillions of dollars of value over the next decade. But investing in tokens is fundamentally different than investing in companies. New tools, heuristics, and security measures are needed to responsibly invest in this ecosystem. We leverage our deep understanding of blockchain technology and crypto markets to deliver exceptional returns. For more information, visit: https://multicoin.capital.

About Dragonfly Capital

Dragonfly Capital is a global crypto venture fund based in the U.S. and Asia. Backed by some of the largest blockchain companies and early leaders of the largest technology companies around the world, Dragonfly invests in and connects the leading participants in the decentralized economy across East and West. For more information, visit: https://www.dcp.capital.

About Galxe (previously Project Galaxy)

Galxe is building a protocol that powers on-chain credentials with plug-and-play NFT modules. The permissionless infrastructure allows everyone to create, distribute, and gamify NFTs with customized on-chain data. Developers can build their own loyalty programs, and individuals can issue and claim the NFTs backed by their on-chain achievements.

With Galxe, NFTs become more than just collectibles, but also forms of identification, empowering developers and community members to build more engaging communities together.

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