A private seed round, which was led by private investment firm, Ascensive Assets, have been completed by Phuture as announced by the Company. A total of $1.5 million was raised through the funding round.
In a web 3 environment, Phuture permits users to create, build and invest into indexes. Creating decentralized (DeFi) investment strategies, through an open design philosophy is what Phuture intends to achieve, once it goes live.
Unique scalable and aggregated index architecture that will permit the protocol to rebalance across multiple price indices in real-time, are the pertinent things the protocol will entail.
The permissionless nature is what excites us the most, anyone can create any type of index,” Charles Story, head of growth at Phuture, told Decrypt.
The funding round, while led by Ascensive Assets, also included crypto investment firms like SevenX, Moonrock Capital, and Origin Capital. Danish Chaudry, the CEO of Bitcoin.com, also participated in the funding round.
“We’ll be working in unison to redefine the role of an index within a Web 3.0 environment,” said Story, adding, “The capital raised will be used to fund the continued development of Phuture as it moves towards its upcoming version one launch.”