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RIYADH: UAE-based venture capital firm Cypher Capital has set up an ecosystem fund with the data exchange and monetization platform Ocean protocol to allocate $5 million in its projects.

The open-source protocol facilitates the exchange and monetization of data and data-based services, allowing people to buy and share information securely while preserving privacy, according to a statement. 

Cypher Capital will review Ocean Protocol’s proposals and its $5 million investment will be spread across 20 projects over 24 months, or two or three investments of a minimum of a quarter-million dollars per quarter if a project is recommended by the Ocean Protocol team.

“Cypher Capital’s commitment to invest in the Ocean Protocol ecosystem is a recognition of the potential of a new data economy and Ocean’s leading role in the space,” founder Bruce Pon said. 

“The Ocean ecosystem has generated a pipeline of promising projects which are nearing viability for seed funding. Meanwhile, Cypher Capital brings deep connections with the Middle East, North Africa and South Asia,” he added. 

Cypher Capital is a venture capital firm that focuses on crypto, blockchain, and digital asset-related projects worldwide.