GEO Protocol, a Ukrainian startup in the field of financial technology, announced the receipt of an initial investment from CoinFund, a leading New York investmenta company specializing in crypto assets. The agreement, which implies close collaboration with CoinFund, follows GEO's more than three years of active development of its own technology and confirms the efforts of the team, as well as the idea of the product.
GEO is a universal open protocolsource code that allows you to create and provide interoperability of various value transfer networks in an easy, economical and scalable way, combining the worlds of blockchain and traditional finance. Simply put, the GEO Protocol allows you to create a universal ecosystem for the transfer of value, including global cross-border payments, B2C-commerce, micropayments for IoT, and so on.
The project was first proposed in 2013.GEO Protocol founders Max Demyan and Dima Chizhevsky. The initial idea arose as a result of their research in the field of economics, human evolution, and the nature of money, which showed that the ever-decreasing effectiveness of centralized systems and the problems of the existing financial infrastructure require a completely new approach. The founders began to conceptualize their solution and develop the technology in 2015.
“We have come a long way from self-financinga startup with a clean idea to a company with a product recognized and supported by a reputable investment firm known for its deep understanding of low-level technologies and cryptoeconomic systems. CoinFund’s investments will enable us to complete the development of the initial components of the technology and realize potential uses that will accelerate network growth, ”said Max Demian, co-founder and CEO of GEO Protocol.
“It was a pleasure working with CoinFund forthe last few months. Their team's meticulous approach to the investment structure, the thoughtful contribution to the development of the crypto-economic product, as well as their extensive connections were really invaluable. Honestly, we could not even dream of a better partner, ”said Dima Kovalchuk, Business Development Director.
CoinFund co-founder Alex Bulkin emphasized that the GEO Protocol stands at the crossroads of technological and social innovation, stating:
“We support GEO because we are confident inthe team’s ability to create a valuable technology platform that democratizes and simplifies the exchange of values for all, revolutionizes the global payment market, and ultimately expands the availability of financial services for many people around the world. At CoinFund, we are looking for projects that create deep innovation both in technology and in society. GEO Protocol is a great example of such a project, and we are pleased to be the leading investment partner of this team. ”
CoinFund - Investment and ResearchA crypto-asset company founded in 2015 in Brooklyn, New York, with the support of Venrock partners. In addition to investing at an early stage, CoinFund is also directly involved in working with decentralized networks as part of its Grassfed Network initiative and provides support to companies developing protocols and applications based on blockchain technologies.