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New Vector raises $8.5 million for Matrix development

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New Vector, the company behind the development of Matrix, has announced over eight million dollars ($8.5M) fund for assisting the development of Matrix. Matrix is a standard for permissionless and secure decentralized communication. The company has announced funds for increasing the platform’s commercial services as well as to speed up the development of the Matrix protocol.

The Matrix protocol is composed of a worldwide interoperable transmission network. The platform allows users to convey data through end-to-end encrypted messaging applications such as Telegram and WhatsApp.

The funding enjoyed participation from Notion Capital, firstminute, and Dawn. All these companies have a reputation for being an enterprise tech specialist. The funding will enhance Matrix’s development as well as the growth of commercial services at New Vector.

The growth of the Matrix platform has spurred in 2019 due to its huge userbase. The platform boasts over eleven million users, as well as over forty thousand deployments. The platform is also being used by the US Government, the French Government, and Wikimedia, among many other high-profile users.

Previously, the company had raised five million dollars last year. The funds were put to good use as the platform saw a four-fold increase in its Daily Active Users. With this funding, the company is expecting to see similar results by targetting businesses and governments across the globe.

What is New Vector going to use the funds for?

The funds will be used to make numerous UX improvements to Riot as well as making Modular hosting as refined as possible. As for the Matrix protocol, the company will develop a system that automatically turns on end-to-end encryption. The service will be made more friendly by improving anti-spam mechanisms.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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