Algorithm consultant startup Delphia has closed a $60 million investment round backed by some of the largest cryptocurrency venture capital funds as it embarks on building a new data-centric decentralized autonomous organization (DAO).

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Series A was led by cryptocurrency venture capital firm Multicoin Capital, with additional participation from Ribbit Capital, FTX Ventures, Valor Equity Partners, FJ Labs, Lattice Ventures and Cumberland. Delphia will use the funds to launch a new reward token as well as expand the ways users can contribute data to algorithmic models that will be used to boost investor returns.

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According to Tushar Jain, co-founder of Multicoin Capital, Data DAOs use user-owned data for the benefit of all participants within the organization. As an algorithmic advisor, Delphia will use user-provided data to further improve the trading algorithms that directly manage their money.

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“Data contributors are rarely rewarded for their contributions. […] Because they have no right to the value created by the aggregated data and they have no right to control how their data is used, leading to a massive leap in faith in the aggregator, which has unfortunately been repeatedly violated. it’s over – Jane explained. Data DAOs “resolve this mismatch by providing data providers with the direct economic power of aggregated data and the ability to manage it.”

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The Delphia investment platform offers long-term, actively managed strategies. Users can invest a minimum of $10 to access a diverse portfolio of individual stocks.

DAOs have come about in various ways to provide users with access to communities without hierarchical control. DAO structures have even attracted the attention of national governments seeking to encourage the formation and development of projects within their borders. Proponents believe that DAOs drive the long-term sustainability of crypto projects by giving users a direct stake in their growth.