New Vector Gets $8.5 Million Investment for Matrix Decentralized Communication Messenger
New Vector, a decentralized communication startup based in the United Kingdom, has recently been able to raise around $8.5 million USD, which will be used in its Matrix protocol. According to the press release, Matrix is set to be an innovative messaging protocol that will use the blockchain technology.
The protocol can be used as a way to secure encrypted communication between several different applications. For instance, someone can connect products like Riot.IM, Telegram, WhatsApp, Slack and others using it. With the new funds, the project is set to be scaled so it can work better when its user base grows.
The Series A funding round of the company included several prominent investors, including Notion Capital, Firstminute Capita land Dawn Capital.
US And French Government To Use The Matrix Protocol
Unlike most decentralized projects, the Matrix protocol is far from small. It is a fully open protocol that can be used by any party that wants to message other services, and its usefulness makes it attractive even to governments.
According to the official announcement, the Matrix protocol currently has over 11 million users, which include the government of the United States and France. Not bad for a startup. Companies such as Wikimedia, RedHat and KDE are also among other relevant parties that use the software.