POINTS Credit Scoring Firm Gets $8 Million to Build on Ontology Blockchain
Blockchain Data Collaboration Protocol, POINTS (PTS), Raises $8 Million From Funding
Recently launched credit score data platform, POINTS, is looking to build a blockchain-based protocol on the Ontology blockchain after successfully raising $8 million through crowdfunding. The first genuinely decentralized data collaboration protocol lists DHVC, Ce Yuan, Nest.Bio Ventures, Cherubic Ventures and China's Chengxin Credit as some of the investors looking to back the innovation. Furthermore, the project expects to use the funds to expand the team further while also securing new partnerships for the continuity of the protocol.
POINTS list of investors draws a mixture of traditional venture capitalists and new funding firms that expect to back the innovation. CEO and Founder of POINTS, Sarah Zhang, was on record acknowledging the highlights of the seed funding phase in a statement.
“With the support of our VCs and partners, we're excited to be able to launch the first and most accurate market-ready blockchain-based data credit network.”
POINTS sees itself as a possible alternative to traditional banks and financial institutions by providing a community of users with a risk-free data sharing platform through blockchain. The protocol also plans on combining AI technology as a means of improving the accuracy of the credit scores as per the CEO, Zhang.
The POINTS protocol will enable multiple trust-less institutions to share the credit score data with each other while not risking data exposure to competitors or third-party entities. Additionally, combining the AI capabilities provide an advanced level of data accuracy to ensure the financial products on offer applies to the relevant individuals. In return for sharing their data, POINTS intends to offer users and financial institutions incentives in the form of PTS tokens.
POINTS' market-ready protocol is said to handle up to 10,000 data transactions in a second, and this enables it to analyze immediately. Therefore, making the POINTS protocol deployable entailed getting institutional partners in China to fulfill the need for data. POINTS has partnered with TeleInfo and Chengxin Credit to gain access to almost 500 million credit profiles with an additional one billion identity profiles.
TeleInfo is an IT firm that is a subsidiary of the China Academy of Information and Communications Technology. The firm is partly administered by the Ministry of Industrial and Information Technology, and through this partnership, POINTS get access to a database of Chinese customer profiles. The Chengxin Credit Company is a credit rating agency with access to millions of existing credit profiles for POINTS' protocol.