KGEN Secures $13.5 Million in Strategic Funding Round
The WEB3 protocol KGEN has increased millions in a recent round of financing to support and expand its operations. 
Kgen secured $13.5 million in a new strategic round under the direction of Sprung Crypto, Accel, and Prosus Ventures, increasing total financing to $43.5 million. This significant investment will support the expansion of its verified distribution protocol, infrastructure stack, and Loyalty frame in over 60 countries.
Key Highlights of the Funding Round
The funds will be utilized to expand KGEN’s identity and reputation frameworks, referred to as a Poge, to support user acquisition, commercial, and loyalty programs. KGEN works in more than 60 countries with 38.9 million verified users, generating annual sales of $48.3 million and serving around 780,000 daily active users.
According to Jump Crypto CIO Saurabh Sharma, the KGEN model has brought more accountability into digital distribution, while Accel and Venture Ventures will provide the project with scale and measurable interactions. The protocol is also active on the Aptos blockchain, where it has 18 million users and high transaction volumes.
Understanding KGEN and its Protocol
At the center of the protocol is Pode, a privacy-yield identity and reputation framework. Poge collects engagement data to support verified user recording and help developers pursue participation in DeFi projects, games, and other web3 applications. This approach can be positioned as an alternative to advertising in web2 style and for user recording, which is often based on anonymous or inferior data.
The new financing is intended to expand the infrastructure and support more projects that focus on verified and stimulated user growth. With its innovative approach and significant investment, KGEN is poised to make a substantial impact in the web3 space.
For more information on KGEN and its recent funding round, please visit https://crypto.news/jump-crypto-accel-and-prosus-ventures-lead-43-5m-fundraising-round-for-kgen/
