SINGAPORE, Aug. 25, 2022 /PRNewswire/ — EMURGO Ventures, the venture arm of Cardano blockchain’s official commercial arm EMURGO, today announced an investment into AID:Tech to accelerate the expansion of its Web3 products and services for a positive social impact.
AID:Tech is building On-chain Reputation & Rewards for Web3 with a focus on real-world use cases. AID:Tech enables people to build a reputation score, which is linked to their on-chain reputation. AID:Tech’s Proof-of-Reputation protocol rewards people for their time and contributions in the physical and digital worlds. AID:Tech was the first company in the world to deliver international aid using blockchain in 2015.
The funding will in part support AID:Tech to develop an innovative Web3 "Volunteer-And-Earn" wallet and ecosystem utilizing blockchain-based decentralized identifiers (DIDs) & NFTs to create a digital identity solution for people to build an on-chain reputation to merge Web2 & Web3. This will empower those who volunteer at corporates, sports organizations, universities, NGOs, and charities to lead impactful initiatives.
AID:Tech’s "Volunteer-And-Earn" ecosystem will be accessible to Cardano’s Web3 community. Verified volunteers in the ecosystem will be issued a certified NFT on Cardano NFT marketplace Fibo. Yoroi Wallet – an open-source crypto wallet for Cardano ADA users – will integrate with AID:Tech’s Volunteer-And-Earn ecosystem to serve as an on-ramp for Cardano ADA users.
Also joining the funding round are Josue Estrada, COO at the Chan Zuckerberg Initiative, and other Tier-1 Web3 VCs.
"AID:Tech has a successful track record of working with renowned international aid organizations to deliver instant and transparent payments to the underserved via its digital identity solution," said EMURGO Ventures Partner Kaimin Hu. "EMURGO Ventures is excited to further support AID:Tech’s endeavors to build more socially impactful Web3 solutions for charitable causes that also align with Cardano’s Web3 expansion."
"We are thrilled for EMURGO Ventures to invest into AID:Tech. As a leader in the Cardano ecosystem, we see huge potential to build products that their community wants to use and scale real-world applications," said AID:Tech CEO Joseph Thompson. "We have a huge opportunity to build a Web3 wallet for clients we’re working with, who have millions of volunteers. We see this space as a new paradigm shift in capturing previously uncaptured value only possible by decentralized identity in a Web3 wallet."
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EMURGO Ventures is a wholly owned investment subsidiary of parent company EMURGO Ptd. Ltd. ("EMURGO") and invests in a variety of startups and middleware solutions companies to drive Cardano’s Web3 adoption.
EMURGO has offices in Singapore, India, and Indonesia, the U.S., and a roster of global clients & partners. To connect and learn more, visit https://emurgo.io.
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Aid Technology Ltd. was founded in 2016 with a focus on building real-world applications for bitcoin, blockchain, and crypto.
AID:Tech has offices in Singapore, Ireland, and the U.S. To connect and learn more, visit https://aid.technology
SOURCE EMURGO Ventures