On November 5, the on-chain identity system Phi announced the completion of a new round of strategic financing. This round of financing was led by Neoclassic Capital and included participation from Decima Fund, Cyber​​​, PAKA fund, and Incubate Fund. This is Phi’s second round of funding, following a $2 million seed round in 2022 led by ChapterOne and Delphi Digital.
The new financing will be used to build a decentralized authentication system dedicated to on-chain identity. Phi was founded in January 2022 and launched its first product Phi Land, a social metaverse that can visualize on-chain activities on ENS and was designed by pixel artist eBoy. After nine months of development since the release of the Phi Protocol binding website in March this year, the team launched Phi Protocol this week.
