Why we invested in Idexo

Introducing a simpler solution for Web 3 developers, Idexo.

Idexo allows anyone to easily integrate different blockchain features directly into applications, such as NFT minting, in just a few simple lines of code. Developers no longer need to worry about the nuances of multiple blockchain architectures, programming languages, or acquiring and maintaining balances in different cryptocurrencies for networks. They do this by simplifying the developer experience by seamlessly connecting with multiple blockchains and using a single payment compute credit that covers transaction costs on all supported networks. This leaves developers free to unleash the full potential of decentralization by combining and accessing features of multiple blockchains using a single simplified Meta SDK and the ‘Compute Credit’.

We need to clear away the complexity for easy integration.

Naturally, any implementation of software based on blockchain technology will balance the trade-offs between its unique features to developers and the end value for users. However, for consumers, the user experience is a bigger factor than the technical wonders of the blockchain powering the product. The idexo team understands that for the mainstream appeal of Web 3 tech to become a reality, it needs to offer an easy way to abstract away the intricacies of individual blockchain protocols and render them invisible. Idexo has created an API, offering front-end application developers a simple and powerful tool to take advantage of multiple blockchains in a few simple lines of code which today includes any EVM based blockchain such as; Avalanche, Ethererum, Polygon, Binance Smart chain with more being added all the time. This means Idexo and its users can leverage the advantages of combinations of blockchains as features, for example in the context of NFT features their API solves minting an NFT on one blockchain while the metadata is on another blockchain. On the economic side, idexo is introducing a single “Compute Credit,” a single payment type and transaction layer that offsets the unpredictability of working with different tokens. Until now, the volatility of using different tokens increased the difficulty of predicting costs and inputs when developing applications.  

A proven team, a compute credit test, and a future focused rewarding community.

The founders of idexo both have the technical expertise and a track record of leveraging ideas into fully-fledged products with mass adoption and run-rate. Idexo’s CEO and CTO, Greg Marlin, founded and led several SaaS companies whilst their VP of engineering was previously with Magic Leap with many years of experience in open-sourced projects. Graduating from our accelerator program, Base Camp, in Q2 2021 their first NFT API saw huge adoption, with users minting over 39,000 NFTs directly in Web 2 channels like Telegram and Twitter during promotional contests. This tool is now offered to all Web 3 projects as a Community Development Kit (CDK) to growth hack their communities through NFTs. The team will also increasingly allow for direct governance of the product roadmap and sequencing of new protocol integrations via staking as described b in a recent interview with Greg Marlin giving them a constant product market fit, right, you’re rebuilding directly to demand.” The team is launching the $IDO token with a full 5% set aside for community incentives to continue rewarding early adopters for being a part of the NFT revolution at Idexo.io  

For a deeper look into Idexo, watch this fireside chat from the Diffusion conference.

 

Help us build the Metaverse. Applications are now open for Base Camp and Ascent.

Idexo is just one of what will soon be 100 startups that have graduated from our Base Camp accelerator, with applications for our next cohort now live. However, we have been backing blockchain-based startup founders since 2014 and are now regarded as the world’s leading accelerator platform for the Open Metaverse. Building on eight years of industry experience, we design bespoke programs based on a startup’s stage and needs that help refine business strategy, product-market fit, community growth, compute credit design, and governance as well as leverage our investor and mentor network. We do this through two main programs: Base Camp a three month accelerator working with early stage startups and Ascent for more mature blockchain-based businesses as they progress towards their token generation event. This includes several protocol specific programs with the likes of Filecoin and Polkadot. By the end of 2021, over 100 startups will have graduated from both Base Camp and Ascent. To date, we have helped raise over $130m seed capital and have a portfolio with a combined market cap value totaling several billion dollars.