Singapore start-up DREP Foundation (DREP) a blockchain for reputation management has received an undisclosed investment sum from 360 Innovation Capital, an investment fund with strategic affiliation to 360 Finance, one of the biggest fintech companies in China. 360 Finance is a spin-off of Qihoo 360, China’s largest Internet security company.
DREP Foundation is building a decentralized reputation ecosystem to introduce transparent and reliable reputation systems for both online and offline businesses to plug and play. DREP’s suite of solutions, aside from quantifying reputation of users through a series of reputation system mechanisms such as up and down-voting, can also weed out click-bots and duplicate accounts.
360 Innovation Capital aims to support and advance blockchain innovations by providing promising startups with access to capital and knowledge. Projects in their portfolio include ælf, EOS Gravity, and Zeniex. The team behind the fund will support the DREP Foundation with their expertise in traditional finance, Internet security, and blockchain technology, connecting the DREP Foundation team to valuable resources and networks.
[perfectpullquote align=”full” bordertop=”false” cite=”Xiaolong Xu, co-founder at DREP Foundation” link=”” color=”” class=”” size=””] “To be included in 360 Innovation Capital’s portfolio adds another layer of validation for the work that we have done and are doing. Their diverse experience with blockchain projects across different industry verticals will prove invaluable to us in determining how we move forward. This is the beginning of an exciting journey of learning and collaborating with them.”[/perfectpullquote]
Xu was the former Lead Developer at open-source blockchain project Qtum.
This investment follows a string of strategic partnership announcements for DREP Foundation over the last two months, with the likes of multi-layered transaction blockchain QuarkChain, Indian enterprise-grade big data solution Zebi and Vietnamese travel tech startup Triip.me, among others. The company earlier announced funding from Hong Kong-based cryptocurrency exchange KuCoin.