a16z Participates in Funding Round of Web3 Data Transfer Protocol Golden

The team of Web3 data transfer protocol Golden has completed a $40 million Series B funding round led by Andreessen Horowitz (a16z).

The funding round has also seen the participation of Protocol Labs and its founder Juan Benet, Solana founder Raj Goyal, Dropbox co-founder and ex-CTO Arash Ferdowsi, Figma CEO Dylan Field, Postmates founder Bastian Lehmann and others.

The company will reportedly use the funds to create a decentralized protocol in which tokens serve as a reward for providing and verifying reliable information. Its incorrect nature provides for sanctions against network participants. Organizations using the data and paying for it provide direct feedback.