Singapore blockchain-based data marketplace gets $60m

Other backers included DNA Fund, Pantera Capital, BlockTower Capital, Andromeda Capital, Hexa Labs, and Wavemaker Genesis. The capital was raised via a token sale, also known as an initial coin offering (ICO), which offers investors exposure to virtual holdings representing business exposure rights. According to a release, the sale initially targeted a raise of up to $100 million.

ODX is a wholly-owned subsidiary of Philippines-based consumer technology company Xurpas that aims to use blockchain to allow consumers in emerging markets to access mobile internet for free. This would be achieved through sponsored data packages and by leveraging the scalability, efficiency and security of blockchain-based infrastructure, which entails immutable distributed ledgers.

"Free and fair access to the web is a fundamental human right," Scott Walker, co-founder of DNA Fund, said in a statement. "The dynamic nature of emerging markets creates unique challenges that have never confronted the developed world but also opens up opportunities for innovation and growth. We are proud to be part of the elite group of early supporters of the ODX platform."

The plan is based on the idea that internet access remains the most basic problem for consumers in developing countries and that typical users in these areas can go online only 10 days per month through paid services. ODX says that more than 80% of the world's "internet population" lives in emerging markets, where data is expensive, free public Wi-Fi is scarce, and conventional connection options are limited.

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• Topics
• Southeast Asia
• Technology
• Early-stage
• Support services
• Singapore
• ICO
• Venture