November 2, 2024
Phi, a decentralized credentialing system builder for onchain identities, has announced the close of a strategic seed funding round led by Neoclassic Capital. This latest round includes investment from notable industry names, with backing from Marc Andreessen, General Partner at a16z, and Chris Dixon, Managing Partner at a16z Crypto. The round, which also attracted support from Decima Fund, Cyber, PAKA Fund, and Incubate Fund, follows a prior $2 million seed round in 2022 led by ChapterOne and Delphi Digital. The funding will advance Phi’s development of Phi Protocol, a community-driven credentialing system designed to promote decentralized identity on the blockchain.
Founded in early 2022, Phi initially launched Phi Land, a social metaverse where users could display their onchain transactions within a visual experience crafted by pixel artist eBoy. Gaining traction after its November 2022 release, Phi Land saw over 4.3 million NFTs minted and engaged with 296,000 users within its first year, while achieving popularity as one of the top social dapps on Polygon in Q2 2023. With its shift to Phi Protocol, the platform now enables community members to create, curate, and verify onchain credentials, known as "Creds," that serve as verifiable records of blockchain activity. This advancement signals Phi’s commitment to broadening the scope of onchain identity through a fully decentralized framework.
With the new funding, Phi aims to accelerate its ecosystem growth, enabling broader collaborations with blockchain protocols, creators, and brands. Plans include further development of Phi.box, its platform for credential management, and a new application allowing users to showcase their onchain identity through diverse and customizable formats.
About Phi
Phi is a decentralized credentialing platform focused on enabling onchain identity formation through verifiable credentials. Phi's first product, Phi Land, provides users a metaverse to visually represent blockchain activities. Phi Protocol, a recent addition, expands this concept by introducing a decentralized system for creating and curating onchain identity markers known as "Creds," supporting a community-driven credential ecosystem.
Website: https://phi.box/
X: @phi_xyz
About Investor
Neoclassic Capital
Neoclassic Capital is a global venture capital firm focused on early-stage investments in blockchain and decentralized technologies. Led by Steve Lee and Mike Bucella, the firm includes backers such as Marc Andreessen and Chris Dixon and supports projects aiming to expand Web3 capabilities.
Location: Miami,Florida
Website: https://neoclassic.capital/
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