OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, yesterday announced its strategic investment in DeBox, a decentralized social networking site for Decentralized Autonomous Organizations (DAOs) and Web3 communities.
TakeAway Points:
- OKX Ventures invests in Debox, a decentralized social networking platform.
- Debox offers opportunities for users, such as the ability to create and manage DAOs and engage in social trading, among others.
- DeBox enables users to switch tokens between the seven supported blockchain networks.
OKX Ventures Invest in Debox
According to the report, DeBox has demonstrated its dedication to the Web3 community over the last two years by producing over 10 million postings and drawing in over 690,000 mobile users.
In addition to a number of additional capabilities, the platform allows users to create and manage DAOs, engage in social trading and networking, set up NFT avatars and profiles based on decentralized identifiers (DIDs), and receive tokens for content publication.
Additionally, DeBox provides a token swapping solution called DeSwap that enables users to switch tokens between the seven supported blockchain networks. These consist of Avalanche, zkSync Era, Ethereum, BNB Chain, Polygon, and Optimism. DeBox has strengthened its position as a Web3 ecosystem center for decentralized finance (DeFi) by making token trading easy and safe.
Dora Yue, OKX Ventures founder, said that investing in DeBox could change Web3. She highlighted that they want a more open and interactive Web3 environment, like DeBox, which wants to decentralize and empower users.
“We are motivated to invest in DeBox because of its potential to transform social use cases within the Web3 space, making it easier to onboard the next billion users. DeBox leads its community with a DAO format, enabling seamless wallet access and engagement through unique NFT avatars based on animal characters and DID names. DeBox enhances its user experience with interactive DApps, fostering the sharing of ideas, content management, and providing trading or staking options. “
Yue added.
Also, the investment from OKX Ventures seeks to develop a Web3 environment that is more engaging and inclusive. This is in line with OKX Ventures and DeBox’s common goal of a decentralized future.
