ENS-based Social Platform Phi Completes Successful $2 Million Seed Round Financing

02/17/2023 15:53 • Daily Digest • 205 views

On February 17, Phi, a social platform based on ENS, announced the completion of $2 million seed round financing, with Chapter One and Delphi Digital leading the investment, Polygon Ventures participating in the investment, and Bankless co-founder Ryan Sean Adams and David Hoffman, ETH Global co-founder Kartik Talwar, Gitcoin co-founder Scott Moore participating in the investment.

Phi, a social platform based on ENS, completed a seed round financing of US $2 million

Interpretation of the news:

Phi, a social platform that operates on Ethereum Name Service (ENS), has recently announced the completion of its $2 million seed round financing. This funding was led by Chapter One and Delphi Digital, with the participation of Polygon Ventures, Ryan Sean Adams and David Hoffman, co-founders of Bankless, Kartik Talwar, co-founder of ETH Global, and Scott Moore, co-founder of Gitcoin, alongside other members of the blockchain community.

Phi’s primary goal is to create a more accessible, decentralized, and user-friendly platform for social interactions within the blockchain community. The ENS-based social network aims to provide its users with unique features that distinguish it from centralized social media platforms like Twitter and Facebook, such as decentralized profiles, wallets, and content creation tools, as well as custom domain names, which are managed by ENS.

The company has also expressed its excitement for the opportunity to collaborate with the investment partners, who, according to Phi CEO, Bradley Miles, are joining Phi’s “mission of building the next generation of social media.” The investment from these entities is not only a significant show of faith in Phi’s vision but also brings valuable resources and expertise that will aid the platform’s growth and development.

The completion of this seed round financing is crucial for Phi’s long-term growth strategy, as it allows the company to recruit new talent, expand its operations, and develop new features, to enhance its platform’s user experience. As a result, this financial support from significant players in the blockchain community reinforces Phi’s position as an active player in the decentralized social platform landscape.

In conclusion, the completion of Phi’s $2 million seed financing round signifies an impressive milestone for the social media platform based on the ENS system. The investment aims to support Phi’s vision of revolutionizing the way blockchain enthusiast interact and engage with each other on social media. With the collaboration of leading investors, Phi’s goal is to create a platform that is more seamless, efficient, and trusted among the community—all made possible by the blockchain technology that powers it.

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ENS-based Social Platform Phi Completes Successful $2 Million Seed Round Financing

Phi, a social platform based on ENS, completed a seed round financing of US $2 million

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