The cryptocurrency and blockchain industries have culminated into new-age hubs for ideas and innovations and as such are in need of investment firms that recognize and empower ideas with potential. Morningstar Ventures pioneered by CEO Danilo S. Carlucci, is one such investment firm with an aim to foster and build futuristic blockchain and digital asset startups with a special focus on the Elrond Ecosystem.
In this regard, Itheum, the “open metaverse data platform”, is the firm’s latest addition to its portfolio and the first project supported by its Elrond Dubai incubator. The team at Morningstar Ventures, with Danilo at the helm, recognized the importance of a decentralized data platform like Itheum in the world’s transition towards web3 and took the stride towards backing the project.
The investment round witnessed participation from some of the major web3 and blockchain players and raised a total of $4 million with Morningstar’s Elrond Dubai incubator contributing a capital of $1.5 million for the growth of Itheum.
Itheum as a platform uses the signature features of blockchain technology to bring a paradigm shift in the way the data market operates. The main aim is to present personal user data as tradable assets to allow data owners as well as businesses to benefit from the collection and usage of data. Not only can users take control of their data, but they can also financially benefit from it.
“Much of the ongoing digital transformation has roused discussions around personal data and how to leverage these valuable assets. Itheum presents a sexy and relevant solution to this age-old problem. On Itheum, users can not only take control of their data but also financially benefit from it,” states Danilo, speaking about the investment.
Danilo believes this platform is poised to bring unmatched levels of security and transparency between users and businesses and create a space for them to seamlessly and consensually trade data.
About Morningstar Ventures
Morningstar Ventures is an investment firm backing ambitious ideas by early-stage founders. Based in Dubai, Morningstar Ventures focuses primarily on the blockchain and digital assets space and is led by CEO Danilo S. Carlucci. The firm is active in both token investments and equity investments and has a particularly strong focus on the Elrond ecosystem.