Attrace, a decentralized recommendation network startup, has raised $2.5 million, led by Deribit founders.
Attrace CEO Erwin Werring said the network aims to be “the recommendation standard for blockchain tokenized assets in the token economy.
Attrace, a decentralized referral network startup, has raised $2.5 million in a seed funding round, according to The Block on May 12. Deribit co-founder and CEO John Jansen told The Block that the Deribit founders have invested “millions” of dollars in the round. The new funding will be used to grow the developer community and team, and the company currently has 17 employees.
Attrace was founded in 2018 with a different proposition, focusing on attracting middlemen in affiliate marketing to drive traffic to promotions. It built its own blockchain. Late last year, the company realized it needed a completely decentralized, de-trusted network to deliver its products.
We decided to shift the use of the existing blockchain and use its components for the upcoming release of the Attrace referral web development validator node.
Erwin Werring said the network is intended to be “the recommended standard for blockchain tokenized assets in the token economy.
Jansen told The Block that a de-trusted recommendation solution will be the answer to most of the problems in boosting sales.
The Attrace team has a wealth of experience and knowledge in blockchain and membership marketing. We are confident that Attrace will be successful in creating a de-trusted recommendation solution.
The Attrace network is expected to launch in the next month and a half, followed by the launch of the token ATTR, which is expected to help sellers, buyers and sellers execute sales through a decentralized network once the network is launched, Werring said.
For example, NFT (irreplaceable token) or DApp (decentralized application), they definitely need to drive traffic to promote their service offerings.
Going forward, Attrace aims to become a fully community-driven decentralized autonomous organization (DAO).
The funding is being raised through a token sale. To date, Attrace has raised a total of $3.7 million in funding. in 2018, the company had raised $1.2 million in seed funding.
Attrace is the first investment ever made by the Deribit exchange. More recently, Deribit also invested in decentralized crypto asset management solution Qredo, and Jansen added that a third investment is also in the works. When asked if Deribit plans to start its own venture capital arm, Jansen said there are no plans yet, “but we may invest in new products or services.”
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