Origin Protocol, a sharing economy startup, has recruited a co-founder of PayPal as well as a former employee of YouTube, Yu Pan, as a research and development engineer. Pan will be tasked with spearheading the research team of the startup. The position was offered to Pan by Matthew Liu, the co-founder of Origin. This will be the first time Pan will be working with blockchain technology.
This comes in the wake of Origin Protocol securing funding amounting to $28.5 million via a strategic round in which Silicon Valley Veterans, BlockAsset and FBG participated.
The aim of the open source protocol of Origin is to facilitate the creation of decentralized marketplaces that are peer-to-peer with a view to eliminating rent-seeking middlemen that exist. With the open-source blockchain protocol it will be possible for sellers and buyers of services such as home-sharing and car-sharing to conduct transactions on a platform that is decentralized.
Sharing economy applications
Origin Protocol was launched last year in June and currently boasts of a 22,000-strong community on Telegram. So far it has received commitments from more than 45 firms which have intentions of building sharing economy applications that are decentralized and which will offer competition to giant firms such as Airbnb and Uber.
In the strategy sale round crypto funds and investors who offered support to the project include Foundation Capital; founder of Akamai, Randal Kaplan; Uber?s early angel and founding advisor, Steve Jang; creator or Filecoin, IPFS and Protocol Labs investor, Kamal Ravikant; top syndicate lead at AngelList, Gil Penchina; founder and former chief executive officer of Reddit, Alexis Ohanian as well as Coinbase and Instacart investor and ex-Y Combinator partner, Garry Tan.
Besides Silicon Valley Veterans, BlockAsset and FBG, traditional investors who participated in the strategy sale round include Middle East-based KBW Ventures, Hong Kong?s Kenetic Capital, Japan?s Red Robot and Smart Contract, South Korea?s hashed, China?s PreAngel Fund, Germany?s 1kx Fund and United States? Turing Capital.
According to Liu, the funds will be allocated to the building of the company?s flagship product as the firm prepares for full platform deployment. Capital will also be allocated to offering support to developer partners.
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