June 19, 2024

GEO Protocol receives CoinFund investment to develop Internet technology value

GEO Protocol receives CoinFund investment to develop Internet technology value

GEO Protocol, a Ukrainian fintech startup, announced it has received seed investmentfrom 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 has been a pleasure working with CoinFund over the course ofthe last few months. Their team's meticulous approach to investment structure, thoughtful input into the development of the cryptoeconomic product, and their extensive networks were truly invaluable. Honestly, we couldn’t have asked for a better partner,” – noted Business Development Director Dima Kovalchuk.

CoinFund co-founder Alex Bulkin emphasized that GEO Protocol stands at the intersection of technological and social innovation, saying:

“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.