Singapore – ODX Pte. Ltd., a blockchain-based data marketplace has raised $60 million worth of commitments from a global list of investors during its private token sale to fund its project in bringing free internet to emerging markets.
The Singapore-based subsidiary of technology firm Xurpas, Inc., Open Data Exchange was backed by technology and blockchain players that included Andromeda of Switzerland, BlockTower Capital, DNA Fund, Kenetic Capital of Hong Kong, Hexa Labs of Israel and Wavemaker Genesis, among others, to fund the ambitious project.
“Blockchain is a revolutionary technology, with extensive benefits to enterprises, government entities and private citizens alike. It provides the perfect framework for our platform, which brings together internet service providers and publishers from around the globe in ways that have never previously been possible,” said ODX founder and chairman Nix Nolledo.
According to the startup, over 80 percent of the world’s internet population is living in emerging markets, making access to free internet data a significant problem. This stems from mobile data being the primary means of internet access for those in emerging markets, but it is repressively expensive. This is made worse by limited DSL and cable availability and scarcity of free public WiFi.
Currently, an average internet user in those emerging markets in Africa, Southeast Asia and South America access the internet for a mere 10 days per month. In contrast, internet access is readily available throughout the developed world. With the majority of the population residing in these fledgling markets, the company has found a need to address this issue.
DNA Fund co-founder Scott Walker said access to the internet is a fundamental necessity. He stressed that the dynamism of the developing world might be challenging, but their innovativeness and determination will see them through. He finished by expressing his pride on being a part of the initiative’s early investors in providing reliable internet to those who need it through blockchain technology.
ODX Pte. Ltd. is a subsidiary of Xurpas, Inc., the largest consumer tech in the Philippines. The startup will rely on Xurpas’ extensive infrastructure to actualize its goal of democratizing internet access to emerging markets around the world.