Leading Web3 focused data network Project Galaxy scored a $10 million financing round that was co-led by Multicoin Capital and Dragonfly Capital, with participation from an array of leading investors such as Coinbase Ventures, Binance Smart Chain, Solana Ventures, Alameda Research, Injective Protocol, and many other Web3 industry leaders.
The new funding as per the press release would be utilized to develop the credential data network, expand support for multiple data sources, and build out robust application modules to aid projects leverage digital credential data in an effective manner. Credential data today are segregated across closed databases are highly centralized and according to the post, has led to a fractured landscape that is not open to the users as it should be.
This is where Project Galaxy aims to fill the gap by solving this issue by ‘using an open and collaborative credential data network that helps Web3 developers leverage digital credential data to build better products and communities.’ On the other hand, it would reward data curators when credentials are used in Galaxy’s application modules and Credential Oracle Engine.
Speaking on the development Mable Jiang, Partner at Multicoin Capital, the firm who led the funding round said,
“Project Galaxy is quickly becoming one of the most important layers of the Web3 stack and credentialing data is an absolutely massive market. It can be used for building user experiences, marketing, and advertising campaigns, and validating work and education experience, among many other applications. The design space is vast and lucrative but requires a coordinating network to unlock its full potential.”
Use cases of Project Galaxy
Besides leading one of the largest databases of Web3 credentials in the world, Project Galaxy also claims to offer several application modules to support web3 projects to build better products and more engaging communities. For instance, projects can reward community members and increase engagement using Project Galaxy’s OAT [On-chain Achievement Tokens] module.
Additionally, the team is also creating more modules to help calculate on-chain credit scores, apart from building Sybil attack prevention algorithms, as well as the Project Galaxy Credential Oracle service, which can be customized for more specific use cases.