NFT certification protocol Wakweli closes first funding round with $1.1 million raised

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A Swiss-based certification platform for non-fungible tokens completed its first private funding round. It brought contributions from a number of renowned VCs.

Wakweli platform secures $1.1 million in funding, led Summit round

According to the official announcement shared by the representatives of Wakweli, an ever decentralized verification platform for non-fungible tokens (NFT), its private strategic funding round has been completed. A total of $1,100,000 has been raised from top tier venture capitalists.

The round was led by Summit, a cryptocurrency and blockchain firm incorporated in Ireland, while Funfair Ventures and several business angels also backed Wakweli in their fundraising efforts.

With new funding, Wakweli will be able to roll out an ecosystem of products to issue a provable token of authenticity for NFTs and other tokenized assets. This in turn will advance the verification process for NFT commissioners, traders and artists.

Wakweli co-founder and CEO Shaban Shaame highlighted that this funding will be of utmost importance to the entire NFT and Web3 segment:

We are incredibly excited and fortunate to have investors and partners who share Wakweli’s vision to increase trust in the web3 ecosystem. Working with partners who share the same values ​​and ambitions allows us to work towards a common goal of building a better future through innovation and trust. We appreciate the trust our partners have shown in Wakweli and are excited to start this journey together

Wakweli leverages a sophisticated technical stack based on unique proof-of-democracy (PoD) consensus mechanism to keep all processes decentralized, fair and attack-resistant.

Building Trusted and Transparent NFT Ecosystem: What is Wakweli?

Mathieu Vincent, CEO of Summit Mining and Summit Gravity, is excited about the vision and mission of Wakweli, as well as the progress it has achieved so far:

We are happy and proud to be able to contribute to web3 development through ambitious startups that build projects like Wakweli. It is thanks to the implementation of innovative solutions like Wakweli that the trust in the blockchain, crypto and NFT ecosystem will grow to the point where this universe will be revealed to everyone.

Launched in 2021 by software firm EverdreamSoft, the Wakweli Project addresses verified authenticity issues in the digital collectibles segment.

Their services are designed to help NFT market participants protect themselves from NFT fraud and instances of copyright infringement.