Shards Protocol raises $2M for Web3 reputation and rewards system
1 min read
Summary
Web3 company Shards Protocol has raised $2m across multiple funding rounds ahead of its token launch, with participation from Animoca Brands and Kyber Ventures.
The firm aims to reward users for Web3 milestones with its recognition layer, Aura, which transforms on-chain contributions into reputation and rewards.
Shards initially started as a software development kit that helped game studios boost user retention and spending.
CEO Stefano D’Silva said the company had onboarded over one million users and generated more than $1m in trading volume, but ” Web3 needed more”.
Most of the fresh capital will be used to enhance Aura’s integration within the Web3 ecosystem and expand the product.
Yat Siu, executive chairman of Animoca Brands, said Shards Protocol is “revolutionising Web3 user acquisition by seamlessly integrating quest-based engagement and campaigns”.