Web3 Startup zbyte Raises $10 Mn To Accelerate Enterprise Blockchain Adoption

Web3 startup zbyte has raised $10 Mn in a funding round led by private investors. The startup aims to build decentralised applications (dApps) stores to help developers and enterprises to build such apps.

zbyte is working on a blockchain-enabled, LCNC (low-code, no-code) platform. With the decentralised platforms, the startup aims to accelerate blockchain adoption in the developer community and enterprises through its LCNC Interface.

It also plans to launch a public token, ZBYT token, towards Q4 of 2022. “We will leverage the developer talent available here in India. We hope to make a significant impact on the developer ecosystem,” Nitin Kumar, cofounder of zbyte, said. As shared by Kumar, zbyte also plans to leverage the developer talent available in India.

The venture has been cofounded by strategist Nitin Kumar, serial entrepreneur Krish Kupathil, deep technologist Ankush Tiwari and new economy executive Saurabh Radhakrishnan. Kumar, a strategist in the Hi-tech sector, has held leadership roles across startups, enterprises, and management consulting firms including HP, Deloitte, and FTI.

“It is going to be a huge challenge to operationalise web 3 without something like a decentralised platform,” Kumar said. zbyte wants to create multiple use-cases and dApps built on its core decentralised platform product.

According to Kumar, businesses are looking to provide better customer experiences, exponential effects from web3, and new revenue models. Organisations integrating web3 systems have a competitive advantage over those that do not, he added.

”Understanding the cloud adoption journey of enterprises, the zbyte team identified missing pieces from the Web3 ecosystem hindering blockchain adoption for developers and enterprises. This ecosystem must build the gaps by leveraging a decentralised platform,” Eric Moe, cofounder of Opentable and WideOrbit. and investor in zbyte said.

Moe is of the view that it is a large business opportunity, and multiple players will revolve around the value chain.