Decentralized knowledge protocol Golden has completed a $40 million funding round led by venture capital firm Andreessen Horowitz, or a16z, with additional participation from Protocol Labs, OpenSea Ventures, and the founders of Solana, Dropbox, Postmates, and Twitch, among others.
In addition to leading the Series B funding round, Andreessen Horowitz general partner Ali Yahya will join Golden’s board of directors along with a16z co-founder Marc Andreessen. The funding gives Golden additional resources to continue developing its protocol to standardize knowledge discovery and validation in the Web3 era.
In particular, Golden is developing a decentralized interface that encourages the collection and verification of canonical data. The company claims that more than 35,000 users participated in the protocol’s early testnet phases.
Related: Microsoft, Avalanche, Polygon join $20M Web3 automation startup funding
While venture capital funding for the crypto industry has slowed down recently, 2022 has seen a record influx of blockchain-focused startups. Recently, hedge fund Pantera Capital upped the ante by announcing plans to raise $1.25 billion for its second blockchain fund. Projects specializing in Web3, which is the future version of the Internet, have generated a lot of interest from the venture capital community.
Describing his product, Golden said that the adoption of Web3 technologies is “a good fit for addressing the underlying problems” of incentives. Golden plans to use native tokens to reward “good actors,” but also clarified that the end product is “not just Wikipedia Web3.” The launch of the main network is scheduled for the second quarter of 2023.