FRANKFURT/HEIDELBERG, September 25, 2018 - Through its EOS VC fund "FinLab EOS VC Europe I GmbH & Co. KG" ("FinLab EOS VC Fund"), FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR) invests a seven-digit amount into Instaffo GmbH, developer of VAEON, to develop the autonomous EOS-based blockchain project, VAEON. With the investment, Instaffo is the first company to receive financial backing from the $1 billion EOS VC venture via one of their selected partners.
Investors behind the FinLab EOS VC Fund are Block.one, developers of blockchain software EOS.IO and founders of EOS VC, and FinLab AG, a stock-listed German company builder and investment firm specializing in the fintech sector. In March 2018, the companies announced a $100 million initiative to invest in projects, especially throughout Europe, which utilize EOS.IO blockchain software and seek to benefit the EOS ecosystem. The overall goal is to support and stimulate the development of new technology within the EOS European community.
"We are happy to welcome Instaffo and its protocol VAEON as our first global investment at the new FinLab EOS VC Fund," said Theo Woik, Senior Investment Manager at FinLab. "VAEON Protocol is an important advancement in the ecosystem of EOS that will fuel the development of the EOS-based web 3.0; we are happy to support the VAEON team in building this future."
VAEON is an independent and open protocol with built-in governance that seeks to redefine how personal data is structured, exchanged or sold. VAEON offers the user three key benefits: data privacy, data monetization, and a single source of truth. The latter means that applications collaborate and enrich the same decentralized database, thus enabling the user to choose any application freely without losing their data history or digital identity. On the other hand, VAEON aims to provide application developers the opportunity to launch new products or services to an existing user base.
"At the moment, smart contract blockchains are like an open canvas; anything can be built there. However, before building dApps, a clear infrastructure of layers, protocols, and libraries is needed. Currently, there are no standards to make data interoperable," said Andreas Mikolajewski, CEO of VAEON.
"I believe improvements in data interoperability will be the key driver for the innovation enabled by Blockchain technology in the next decade," added Pedro Lopez, COO of VAEON. "VAEON builds this fundamental infrastructure for future dApps on the EOS ecosystem."
Moreover, VAEON has already secured a cooperation with Instaffo GmbH, a reverse recruitment start-up, which already has 30 million user data sets and access to over 1000 customers. Instaffo represents a functional, first-use case of the VAEON Protocol and is the base for VAEON's acceleration strategy. Furthermore, VAEON is currently in discussions with other huge industrial leaders to join the protocol and decentralize their user database.
VAEO, the cryptocurrency used to interact with the VAEON smart contract, serves three main purposes: fraud prevention, medium of exchange and, above all, governance. VAEON Protocol can be viewed as a DAO (decentralized autonomous organization) whose main purpose is to evolve the data standards of the future blockchain-driven web 3.0; this is comparable to today's consortiums (e.g., w3.org) established by industry leaders. The VAEO token makes these processes transparent in a tokenized world. The VAEON token sale is scheduled to take place at the end of the year. For more information, please visit vaeon.io.
About Instaffo GmbH:
Instaffo GmbH is a rapidly growing German startup founded in 2014. To date, Instaffo has more than 400 business customers in the German, Swiss and Austrian region (DACH). Instaffo connects the world with jobs through its reverse recruitment platform using AI technology.
About VAEON Trading Ltd.:
VAEON Trading Ltd., a subsidiary of Instaffo, is developer of VAEON. VAEON is a decentralized protocol based on the EOS Blockchain that enables individuals to fully control and monetize their personal data and its value while giving businesses the opportunity to build new business models in an intermediary-free ecosystem.
VAEON Trading Ltd:
About FinLab EOS VC Europe I GmbH & Co. KG:
The FinLab EOS VC Europe I GmbH & Co. KG is a new fund, managed by FinLab AG, that will invest in projects that are built on the open-source blockchain-software EOS.IO. The primary focus of the fund is on seed and early stage startups that are looking for an equity investment. The shared fund, in the amount of 100 million USD, is set up by Block.one, the company behind EOS.IO, and FinLab AG.
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector in Europe. FinLab focuses on developing German FinTech start-ups and providing venture capital for their financial needs, whereas in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.
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