Icebreaker is an open-source professional network that has raised $5 million in seed capital, valuing the business at $21 million.
With this fresh funding, the six-person company will be able to grow and create a blockchain-based LinkedIn substitute.
According to a release on July 31, Coinfund headed the fund with donations from Accomplice, Anagram, and Legion Capital, among others. In contrast to LinkedIn’s centralized control over digital identities, Icebreaker aims to be the “world’s first open professional network.”
The platform leverages blockchain technology by combining users’ professional networks and profiles into a single channel to provide safe endorsements and quick credential verification.
Alex Felix, CEO of CoinFund, emphasized the potential of cryptocurrency in creating fundamental social graphs for a range of applications and expressed support for Icebreaker’s goal of enabling absolute online identity ownership for professionals.
In order to foster shared context and trust, the founders want to establish an “open graph of reputation and identity.” Dillé addressed the problem of AI-driven noise and false personas in digital networking by jokingly referring to himself as the “CEO of Google” on his LinkedIn profile.
This was a comical example of how easily false information can be spread on traditional web2 platforms, misleading recruiters and job seekers alike.
Icebreaker has tested early iterations of its platform before, working with web3 firms like Polygon Labs, Coinbase, and Opensea. It’s interesting to note that earlier in September, Coinbase CEO Brian Armstrong had voiced his intention to create a decentralized LinkedIn.
Bondex, which has positioned itself as a competitor of LinkedIn in the Web3 market, said last month that it had raised more than $10 million.
Bondex is intended to be a more dynamic and captivating professional networking site, akin to LinkedIn’s function as a central location for companies, recruiters, and job seekers. The platform uses its built-in BDXN token to provide several features.
