VRRB Labs, a decentralized protocol that combines speed, scalability and security, has raised $1.4 million in pre-seed funding to support its development of a blockchain the Miami-based startup says will make it easy and financially sustainable for developers to build user-friendly applications. Investors in VRRB include Jump Crypto, Taureon, and Big Brain Holdings.
VRRB (pronounced verb) was founded by Andrew Smith in 2020 and is developing a proprietary consensus mechanism called “Proof of Claim,” which it says will help solve the blockchain challenges of scalability, security and decentralization. The startup is building a language-agnostic platform aimed at helping developers build, ship and run applications faster.
“The crypto industry keeps asking where the next billion users will come from, but they’re putting the cart before the horse. Before mass adoption, we need more developers who can help design and deliver the next generation of apps,” said Smith. “With the support of our incredible community, we look forward to unlocking the boundless potential of Web3 and blockchain technology.” Smith is also co-founder and chief data scientist of OWL ESG, a tech-driven environmental, social and governance data provider.
VRRB’s seed funding will enable the company to further scale its development and marketing teams and build out an educational program for developers interested in building on VRRB’s platform, the company said.
VRRB is now a team of five The round values the company at $20 million, and the first beta testnet of VRRB is scheduled for early this year, The Block reported.
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