Ocean Protocol Ecosystem Fund Receives Faculty Group’s $5 Million Support Commitment

Faculty Capital, Faculty Group’s venture capital subsidiary, has donated $5 million to assist the Ocean Protocol project ecosystem fund.

The relationship between the Faculty Group and the Ocean began in 2019 and has focused on methods to work together to fuel initiatives and promote the growth of the ocean environment.

Luke Lombe, Co-Founder and Partner of Faculty Group, stated:

“We are thrilled to invest in initiatives with Ocean Protocol. Through the Ocean Protocol platform, we will enable data markets supported by reputable companies who are incorporating Ocean Protocol into their data-driven business models and developing apps specifically for data services.”

Ocean Protocol is a data exchange and monetization platform that is built on Ethereum and other EVM-compatible blockchains. Its goal is to create a new Data Economy fueled by a vibrant collection of builders and start-ups.

Over 150 projects have been sponsored thus far through the OceanDAO and Shipyard initiatives to inspire and support grassroots innovation.

Previously, Cypher Capital, a venture capital firm located in the UAE, also announced that it had set up an ecosystem fund together with Ocean in May, according to which it will be allocating $5 million to invest in the projects.

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