GitPOAP, a protocol that enables users to track contributions to the software development platform GitHub on-chain, has raised $4 million, according to the business. The round was co-led by Inflection.xyz and Libertus Capital. The valuation was kept confidential.
Along with angel investors including former Coinbase CTO Balaji Srinivasan, Avalanche VC, Protocol Labs, and Proof of Attendance Protocol (POAP) itself, the round was also supported by Avalanche VC and Protocol Labs.
GitPOAP works by awarding POAP badges based on NFTs
Built upon POAP, a piece of software that generates a particular kind of NFT that indicates attendance at an event or experience, GitPOAP works by awarding POAP badges based on non-fungible tokens (NFTs) to signify significant contributions to GitHub projects. Colfax Selby, the founder, claims that this has encouraged development on underutilized projects.
Selby, a former head of the engineering team at Bloomberg, and CTO Jay Puntham-Baker, a former engineer at Vimeo, formed the business in January 2022.
According to Patricio Palladino of the Nomic Foundation, a non-profit devoted to the Ethereum development platform, there have been “more substantial contributions” to its developer tool Hardhat since since GitPOAPs were released.
The startup also opened up onboarding to any open source project as of right now in addition to announcing the financing. It was initially introduced in April of this year, but it was just for specific projects.
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