Lens, a Protocol that uses web3 technologies to preserve users’ ownership of digital identity, has announced the completion of a $15 million funding round. According to the announcement, the funding round was led by IDEO CoLab Ventures. Other investment ventures that participated in the round include General Catalyst, Variant, Blockchain Capital, Palm Tree, A. Capital, Seed Club Ventures, and Robot Ventures.
It is worth mentioning that Decentralized Autonomous Organizations like Flamingo DAO, DAOJones, Punk DAO, DAO5, and Global Coin Research participated in the round. More so, Lens Protocol revealed that it will utilize the funds for the advancement of its ecosystem. Consequently, enhancing its services to better serve web3 users, creators, and builders.
Meanwhile, in the announcement, Lens Protocol provided insights into its strategic areas and how to further strengthen it with the funds. The protocol stated that it focuses on changing the status quo on ownership and portability of the social web. The firm described how it employs blockchain, smart contracts, decentralized storage, and NFTs to actualize this pursuit.
Also, according to the announcement, Lens Protocol described some of its approaches to the Web3 space. The firm went on to state that it reimagines the web as a social ecosystem of decentralized apps. The protocol emphasized how users can access these apps seamlessly through a universal profile. This system is against the existing way of logging into multiple and siloed sites as present in the Web2 sphere.
In addition, the protocol described users’ social capital as their followers, network, and the virtual content they create. The firm went on to establish that it intends to put the ownership and social capital of users directly into their hands. With that, Lens protocol is attempting to advance the way people create value, share, and monetize them on the internet.
Emphasis on Lens Protocol efforts toward advancing the web3 sphere
However, the CEO of Lens Protocol, Stani Kulechov further highlighted the efforts of the firm. The CEO divulged that Lens is pursuing to speed up the adoption of the emerging generation of the internet that’s supported by human connection. Likewise, Stani Kulechov disclosed that Lens Protocol pursues to design a more social, open, equitable, and domestic internet. The top executive added that this version of the internet will be protected by the blockchain technology to give its control to users.
Lastly, the CEO stated how the newly acquired funds will help the protocol in achieving its pursuits. Stani Kulechov added that while the funds will be channeled to user empowerment, the Lens protocol will focus on ushering in the era of an open Web.