Web3 startup Zbyte raises $10M capital to accelerate enterprise blockchain adoption

Web3 startup zbyte, on Tuesday, announced that it raised $10 million in a round led by private investors. The startup plans to launch its native, public token—ZBYT token—in the fourth quarter of 2022. 

Co-founded by Nitin Kumar, Krish Kupathil, Ankush Tiwari, and Saurabh Radhakrishnan, the startup is building decentralised platform that enables developers and enterprises to build dApps (decentralised applications) on existing protocols.

Nitin Kumar, Co-founder of zbyte, said "We will leverage the developer talent available here in India. We hope to make a significant impact on the developer ecosystem."

He further added, “Businesses are looking to provide better customer experiences, exponential effects from Web3, and new revenue models. Organisations integrating Web3 systems have a competitive advantage over those that do not."

ALSO READ

Crypto for calories: Web3 startup rewards users with digital tokens for working out

Eric Moe, Co-founder of Opentable and WideOrbit, who invested in the startup, said, "Understanding the cloud adoption journey of enterprises, the zbyte team identified missing pieces from the Web3 ecosystem hindering blockchain adoption for developers and enterprises. This ecosystem must build the gaps by leveraging a decentralised platform. It is a large business opportunity, and multiple players will revolve around the value chain. Investment faith in crypto is still strong."

The startup intends to build multiple use-cases and dApps on its platform, and will reward the community of developers through royalties for the dApps they create.