Dev Protocol raises $1.7M to facilitate creator economy leveraging crypto

Image credit: Frame00

Tokyo-based Frame00 (pronounced ‘frame double oh’), the Japanese startup behind a blockchain-based monetization service for OSS (Open Source Software) developers called Dev Protocol, announced on Wednesday, that it has secured 250 million yen (about $1.7 million US) in a pre-series A round. For the company, this follows their seed round in June of 2022 and brought their funding sum up to about 310 million yen (about $2.1 million).

This round was led by former MIT Media Lab director Joi Ito-led web3 fund gmjp with participation from B Dash Ventures, SKY Perfect JSAT (TSE:9412), rikka, and 01Booster Capital. Mayumi Hara, CEO of Frame00, is expected to speak at the New Context Conference 2022 Fall to be organized by Digital Garage (TSE:4819) next month. Joi is the co-founder of Digital Garage.

In aim to support the prosperity of OSS and the sustainability of community management, FRAME00 has been developing Dev, a protocol for sharing revenue with OSS developers. Dev tokens are redeemable for Ethereum tokens on crypto exchanges.

Since its mainnet launch in 2020, the protocol has attracted new financial support for OSS developers around the world. They won the CJK (China, Japan, Korea) OSS Special Contribution Award at the North-East Asia Development Cooperation Forum last year.

Currently, the DEV protocol developer community has over 500 members. In response to the diversifying needs of the creator economy, including web3 and metaverse, the company will accelerate developing the Clubs no-code DAO (decentralized autonomous organization) tool. In September, the company set up a new office in Switzerland to comply with global regulatory and develop governance system.

via PR Times