According to official news, the on-chain identity project Phi has completed a new round of strategic seed round financing, led by Neoclassic Capital, with participation from Decima Fund, Cyber, PAKA fund and Incubate Fund. This is Phi's second round of financing following the $2 million seed round led by ChapterOne and Delphi Digital in 2022. The new financing will be used to build a decentralized authentication system dedicated to on-chain identity.
Phi was founded in January 2022 and launched its first product, Phi Land (philand.xyz), a social metaverse that visualizes on-chain activities on ENS, designed by pixel artist eBoy. After 9 months of development since the release of the Phi Protocol binding website in March this year, the team launched the Phi Protocol this week.
The team is committed to creating more unique and interesting experiences through collaboration with other chain ecosystems, protocols, creators, brands and communities. Additionally, it has improved phi.box for users and creators, and is building a new application for users to showcase their on-chain identities in a variety of formats and environments.