Bitmark Raises $1.7M in Seed Funding
Bitmark Inc., a Taiwan-based blockchain start-up for digital property, has announced a seed funding round of $1.7M led by Cherubic Ventures, with other investors including WI Harper and Digital Currency Group. Bitmark aims to update ownership and creation identification for digital assets to replace current systems which do not work adequetly for online intellectual property.
Bitmark provides individuals with the opportunity to affirm ownership of the digital assets they create or post online in blogs and through social networks and platforms. Users establish ownership claims by issuing property titles, or ‘bitmarks’, for user-generated content and data. The combination of a bitmark and a digital asset creates a digital property. Issuing a bitmark for a digital asset asserts an exclusive claim of ownership.
Sean Moss-Pultz, CEO of Bitmark Inc., said: “Each day millions of us give away what we create and our personal data for free to entities that are profiting from it, and we don’t get a cut because we can’t claim ownership over it. Other times, it loses its context because it is orphaned by the hands inside the internet. These entities would have us think what we create has no value. The notion of property rights in the digital environment is not yet defined. Bitmark changes that notion by giving each of us property rights to our data. You have to own it to make sure that value is clear.”
A bitmark can be sold or transferred through a secure peer-to-peer system using bitcoin or credit cards. Bitmark allows individuals exercise their freedoms and rights as owners to safely and confidently participate in the emerging data economy.
Cherubic Ventures’ Matt Cheng remarked: “What is so exciting about Bitmark is how vastly it can reshape our digital economy. If you could put your stamp of ownership on everything you created and suddenly there was no disputing that it was yours, wouldn’t you?”
Edward Liu, Partner at WI Harper Group, commented: “There is so much that people create digitally which has impact beyond a dollar value. Attributions are not enough. What we see now in the digital space is standardized content which cannot be traced back to the original owner; this impacts value in culture and trade. Property rights in the digital world are missing. Bitmarks provide embedded ownership certificates. This is visionary and will usher in necessary change that millions of people will welcome.”
Barry Silbert, CEO of Digital Currency Group, commented: “We stand at the epicenter of the bitcoin and blockchain industry, and we are excited to see the Bitmark team using this transformative technology to address fundamental questions about data ownership and monetization. Bitmark is the perfect addition to our global family of DCG companies and is developing an innovative solution to a problem that individuals, organizations, and institutions have been struggling to address.”