We’re pleased to announce that Blocksync Ventures has invested in Kylin Network, a new market leader in data economy based on the Polkadot ecosystem.
Kylin is utilizing Polkadot’s cross-chain capabilities to create a powerful data economy that will form the backbone of web3. As more parachains and parathreads connect to Polkadot’s relay chain, the ability to query off-chain market data will be essential. This is where Kylin comes in.
Blocksync Ventures recognized the immense potential of Kylin Network early, and participated in their seed +private round many months prior to the highly successful launch. Other prolific venture capital firms that are part of Kylin’s long term vision are DFG, AU21, Signum Capital, CMS, Rarestone, X21 Digital and Master Ventures.
The centrepiece between blockchains and data sources
At its core, Kylin provides a suite of analytical tools for data warehouses. Data is the oil that makes the cryptoconomy go round; without it, blockchains would be mindless databases, incapable of handling anything other than simple token transactions. Kylin will supercharge Polkadot projects by enabling them to access a sophisticated query engine and RESTful API for third-party applications.
In addition, Kylin is developing data oracles that provide real-time decentralized price feeds from both Polkadot and external networks and building a marketplace for data exchange. Ultimately, Kylin aims to become Polkadot’s preeminent data broker, providing projects with the picks and shovels required to capitalize on the many possibilities afforded by the interoperable blockchain of blockchains.
Not only is Blocksync Ventures investing in Kylin Network, but we’ll be providing ongoing support and mentoring to its team as they build out their decentralized data protocol. Given the nature of the Polkadot projects we’ve funded to date, and the markets they are exploring, there are some natural synergies that we intend to pursue. We will also introduce the Kylin team to our wider network and explore potential partnerships that will work to the benefit of all parties.
We’re delighted to be working with Kylin Network and to be supporting them on their journey to create a powerful cross-chain data economy. Wherever it may lead, Blocksync Ventures will be with them every step of the way.