360 Finance spin-off invests in Singapore Blockchain Startup DREP Foundation

360 Finance spin-off invests in Singapore Blockchain Startup DREP Foundation

Newly launched 360 Innovation Capital draws support from Qihoo 360, 360 Finance and 360 AI Institute

SINGAPORE, Jul 30, 2018 - (ACN Newswire) - Singapore start-up DREP Foundation (DREP) 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 from 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. Their portfolio also includes aelf, EOS Gravity and Zeniex. The team behind the fund will support DREP Foundation with expertise in traditional finance, Internet security and blockchain technology, connecting the DREP Foundation team to valuable resources and networks.

Xiaolong Xu, co-founder at DREP Foundation said, "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."

Xu was the former Lead Developer at open-source blockchain project Qtum. https://qtum.org/en/

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.

DREP Foundation is committed to building a performance-oriented technology infrastructure, supporting high transaction capacity for an ecosystem generating valuable reputation data. Focusing on two industry pain points: lack of user adoption and low transaction throughput, DREP Foundation aims to provide a highly scalable blockchain architecture, DREP Chain, for deployment of a reputation protocol that anyone can use. https://www.drep.org/.

360 Innovation Capital is a blockchain venture fund that aims to promote advancement of blockchain projects through investment, technical auditing and financial expertise. They have strategically partnered with 360 Finance, 360 Cybersecurity Innovation Center and 360 Artificial Intelligence Institute. Blockchain and cryptocurrency projects in their portfolio will gain access to the fund's resources and networks. http://m.360inno.investments/.

Trestle Works for DREP Foundation
E: drep@trestle.sg

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