Lens Protocol raises a funding amount of $15 million

Lens Protocol has successfully managed to raise for itself the amount of $15 million, in terms of funding, with the able support of Aave Companies, which is a technology-based entity that is actively involved in the development of protocols, as well as applications that integrate decentralization and the blockchain technology. 

Through the help of this amount, Lens Protocol, on its own part, will utilize it for the overall development of its ecosystem. The funding round was initiated by IDEO CoLab Ventures, along with General Catalyst, Variant, as well as Blockchain Capital, and Palm Tree. There were also some known venture capitalists involved. 

According to the Managing Director of IDEO CoLab Ventures, Joe Gerber, the need of the hour is for an open, interoperable, and decentralized social layer for the building of a more human-based internet. They are also excited about the prospects that they will be exposed to by providing their full backing to Lens Protocol. 

Lens Protocol works towards the aspects of ownership, as well as portability. With the effective utilization of Web3 technologies, the Web can be transformed into a social ecosystem and provide the option for users to be able to connect with it via a universal profile. The profile contains the user’s data and social graph. They intend to change the way of building, as well as sharing and monetizing on the net. 

In the words of the Founder of Lens Protocol, Stani Kulechov, their entire aim, and intention is to speed up the process of acceptance in terms of the new-age internet that is duly boosted by the human aspect. For them, they do not view followers as digits in private servers. Instead, for them, they are assets on decentralized storage, and possible to shift them from one application to another. 

The partner of General Catalyst, Nick van Eck feels that Lens is doing a favor to society by creating a base that helps in furthering users, as well as builders and businesses, and in his opinion, it is something profound. In the case of the Co-Founder and General Partner of Variant Li Jin, Lens has managed to onboard a whole lot of third-party developers who are into the development of unique applications on top of Lens Protocol and with more to go. 

In his viewpoint, it is indeed creditworthy that applications like OpenSea, as well as Stripe, have incorporated with Lens. In matters of similarity, the Co-Founder and CEO of Orb, Nilesh Rathore, accept the fact that their way of thinking matches that of Lens in many ways.  

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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