Synnax has completed a new strategic investment round, raising $550,000 from Wintermute Ventures and TON Ventures.
These funds will be used to develop the Credit Intelligence protocol and the Telegram app, SynQuest, which has already attracted 250,000 users. Let’s see all the details below.
Synnax: collaboration and investments with Wintermute Ventures and TON Ventures to enhance expansion in the web3 sector
On October 3, 2024, Synnax, an innovative platform for decentralized credit intelligence, announced the successful conclusion of a strategic investment round, raising $550,000 from Wintermute Ventures and TON Ventures.
This new capital brings the total funds raised by Synnax to $1.55 million, consolidating its position in the emerging sector of blockchain-based credit intelligence.
As mentioned, the funding above was obtained thanks to the collaboration with two important players in the blockchain sector: Wintermute Ventures and TON Ventures.
Wintermute Ventures, the investment arm of the algorithmic trading giant Wintermute, shares Synnax’s vision of a decentralized, transparent, and open credit market for digital assets.
Thanks to its experience in digital asset lending and in managing lending platforms, Wintermute Ventures is the ideal partner to support Synnax in its goal of transforming the credit rating sector.
TON Ventures, on the other hand, is the main investor in the ecosystem of The Open Network (TON), one of the fastest-growing blockchain networks worldwide.
Thanks to the integration with the vast user base of Telegram, which has over 950 million people, TON Ventures represents a fundamental strategic resource for Synnax.
The integration of SynQuest, the Synnax app based on Telegram, with the TON network has contributed to the rapid expansion of the Synnax community, making TON Ventures a natural strategic partner to support the growth and innovation of the platform.
The development of SynQuest and its impact
The funds raised will be used primarily to continue the development of Synnax’s Credit Intelligence protocol and to improve SynQuest, the mini-app launched on Telegram.
Since its debut, SynQuest has attracted over 250,000 users in just two weeks, demonstrating the enormous potential of the platform in decentralized credit analysis.
Specifically, SynQuest collects sentiment data from the user community to improve financial forecasts.
This combination of macroeconomic data, blockchain, and social insights allows Synnax to refine predictive models, providing more accurate and reliable financial analyses.
Furthermore, this app represents a source of external revenue for the platform, thanks to the possibility of monetizing the data collected in real-time.
Synnax uses decentralized artificial intelligence to power its Credit Intelligence protocol, offering unbiased and predictive financial forecasts for public and private companies.
The platform leverages a global network of data scientists who use machine learning algorithms to analyze historical financial data, macroeconomic information, and live data from the blockchain.
This innovative methodology not only allows investors to access real-time credit metrics, but also eliminates the risk of distortions or biases in evaluations, a problem often encountered in traditional systems.
Thanks to this transparency and decentralization, Synnax positions itself as a leader in the transformation process of the credit rating sector.
The comments of the investors
Robert Alcorn, co-founder and CEO of Synnax, expressed excitement for the collaboration with Wintermute Ventures and TON Ventures, stating:
“We could not have asked for better strategic partners. Their expertise aligns perfectly with our vision, and we are excited to work together to bring innovation to new levels.”
Joscha Kuplewatzky of Wintermute Ventures also shared his vision on the future of Synnax:
“We invested in Synnax because we believe that their innovative approach to credit intelligence has the potential to completely revolutionize the credit rating industry. By offering forecasts from decentralized sources, Synnax is eliminating biases from the process and enabling investors to access real-time credit metrics.”
Finally, Ian Wittkopp of TON Ventures added:
“We are excited to invest in Synnax as they develop experiences based on mini-apps that leverage Telegram’s social graphs and TON to produce real-time sentiment data. TON is the place where builders create sustainable Web3 activities, and the ability to better understand customer segments strengthens this vision.”