Cofound.it, a platform that connects blockchain believers to teams that are building determined blockchain businesses has announced its push ahead for 2018 “certain that the startup world clearly requires a unified protocol that can connect sources of funding and help with company formation and capitalization — in a trustless and distributed way.”
With that, the Cofound.it team announced it is building the “CFI protocol” which will be a facilitating layer that any startup can draw into to increase its chances of success and will not be limited to startups working with Cofound.it.
The protocol will allow all participants in the funding market to interact with each other and build services on top. In a marketplace typically driven by personal trust and relationships, expanding the use of the CFI token to align interests this will solve the problems of trust between participants typically found in these situations.
Using the CFI protocol, existing accelerators, incubators and emerging platforms like Cofound.it will be able to interact and share resources in a much more efficient manner. It will also enable traditional institutional investors to invest in blockchain based startups and crypto funds can interact directly with startups in a standardized way.
In time, the Cofound.it team believes anyone will be able to rely on the CFI protocol for high-quality startup information and evaluations, access to major institutional investors, underwriting services in the distributed economy, automatic and compliant company formation processes at a global scale.
Compliance and legal structure is a vital piece of any successful startup, thus Cofound.it is building a legal development team to focus on this from a global perspective. While developing the section of the protocol that will enable an automated company formation process, Cofound.it will continue to work on and share its best practices with the community.
For Cofound.it, 2017 was about learning and building a solid foundation. Going forward in 2018 Cofound.it says “it will be about expanding and scaling to fulfill the vision we have for changing startup funding forever.”