The technology company REPUBLIK, based in Singapore, has announced the successful completion of its $6 Million seed funding round.
Leading investors including OKX Ventures, 6th Man Ventures, Arcane Ventures, CMS Holdings, Comma3 Ventures, Define Ventures, Enjin, FBG Capital, HTX Ventures, Mirana Ventures, Oracles Investment Group, Signum Capital, Sora Ventures, UOB Venture Management participated in the round, according to a statement released by REPUBLIK on Wednesday.
The funds raised are essential for constructing REPUBLIK’s platform and creating state-of-the-art web3 creator tools for the blockchain.
The platform, which is currently in beta across web, iOS, and Android platforms, according to REPUBLIK, has gained a lot of traction and given creators new opportunities for interaction and compensation for their platform-building efforts.
“For too long people have given their time, attention, and creativity to existing platforms for almost nothing in return. REPUBLIK is going to change that by ensuring that the value of the community is fairly distributed,
“We’re excited to have investors who share in our vision and partners that are helping us build a true community-owned platform,” said Daniel He, REPUBLIK’s Chief Executive Officer.
It should be noted that REPUBLIK streamlines the entire process using Web3 technologies, significantly lowering the costs borne by Creators.
In addition to enabling a token-based reward system that enables everyone to earn for engaging with content, referring friends, and supporting Creators, this results in creators keeping a significantly larger share of their earnings.
Online communities have a lot of value, and REPUBLIK believes that this value should be fairly distributed to the people who helped create it. Legacy platforms profit from user attention without providing direct compensation.
As a result, in the app, XP stands for the value that a user contributes, while RPK will be a freely traded token that symbolizes the value of the community. The amount of RPK given to a user depends on how much XP they have.
Republik aims to link creators with their communities and reward everyone based on interactions. It also has offices in Berlin and Los Angeles.
