Gate.io's VC Arm, Gate Ventures, Joins Funding of Datamall Chain (DMC) Foundation

Gate.io's VC Arm, Gate Ventures, Joins Funding of Datamall Chain (DMC) Foundation
Dec 13, 2022 0
Gate.io's VC Arm, Gate Ventures, Joins Funding of Datamall Chain (DMC) Foundation

Gate Ventures, the venture capital arm of the crypto exchange Gate.io, announced a new investment in and strategic partnership with the Datamall Chain (DMC) Foundation. As part of the partnership, Gate.io has provided funding and commitments to support the Datamall Chain and its decentralized Web3 ecosystem developed by the DMC Foundation and Fog Works.

Decentralized storage on the Datamall Chain blockchain

The Datamall Chain is an open-source blockchain that powers a decentralized marketplace and ecosystem for storage services. The DMC storage network provides storage solutions that are Web3-ready, matching decentralized storage demand with supply provided by miners on the Datamall Chain, all without the need for centralized servers and services.

Many of the existing decentralized storage technologies are isolated from each other and lack an effective decentralized marketplace that can connect decentralized storage demand with supply. The DMC storage network solves this by offering a decentralized and scalable market that matches open orders and bids for storage and rewards participants on both ends, all powered by the Datamall Chain and Datamall Coin.

To ensure the storage supply is dispersed within the network and geographically, everyone from individuals to large institutions can mine DMC given they meet the basic requirements of having idle online storage capacity. However, enterprise-level mining operations that provide long-term, stable, and encrypted storage gain access to better storage deals resulting in higher returns.

A necessary component for Web3

As Web3 continues to take shape, the need for secure, efficient, and decentralized storage solutions is increasing, and the Datamall Chain is filling that void.

Kevin Yang, Investment Director of Gate Ventures, said, “Cloud storage is a vital component of Web2, meaning secure and efficient decentralized storage solution is critical for a successful transition to Web3. Datamall Chain's blockchain powered solution to storage directly addresses the challenges faced when decentralizing storage and evolving the web.”

About Gate Ventures

As the venture capital arm of cryptocurrency exchange Gate.io, Gate Ventures seeks to stimulate the advancement and development of blockchain technology with a focus on decentralized infrastructure, ecosystems, and applications that will make the world ready for the age of Web3. Gate.io is an exchange that is trusted by many users, investors can trade BTC, USDT and etc. at Gate.io crypto exchange. With nearly a decade of industry experience and a network of partners, institutions, and experts, Gate Ventures helps promising teams and startups redefine social and financial interactions.

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