Egyptian blockchain platform Pravica raises investment to drive decentralised identity
Cairo based Pravica, a communication platform using Blockchain technology to empower user privacy and security through decentralised identity, has announced an investment (amount undisclosed) from CV VC (Crypto Valley Venture Capital).
CV VC is a leading blockchain venture capitalist and incubator of global tech disruptors who are driving the fourth industrial revolution.
Commenting on the investment and Pravica’s growth plan, Olaf Hannemann, co-founder & CIO of CV VC said, “We are excited by the vision Pravica has developed towards taking a new approach to a highly practical communication suite with ultimate privacy and security standards, enabled by Blockchain technology.”
Ahead of Stacks Accelerator first cohort demo day, of which Pravica was one of twenty-five selected startups, CV VC announced its investment in the stellar tech startup.
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With this latest investment, Pravica is now in a strong position to scale up its operations and to continue to expand its messaging app to users.
By the end of FY 2022, Pravica aims to onboard 5000+ enterprises with an average of 500,000 users combined. CV VC invests in teams that are revolutionising the industry with blockchain.
Its investment focus is on global teams who build applications at the intersection of what it terms ‘Technology for Tomorrow’ (T4T) and six industry verticals, one of which is Security & Identity.
Today’s announcement that CV VC has invested in Pravica underpins this investment thesis. Pravica is defying the odds of the communication industry and specifically messaging apps for enterprises, where enormous amounts of data breaches are recorded by some of the most popular communication apps worldwide.
“We are reinventing digital communication protocols by utilising Stacks Blockchain and its smart contracts to engineering a tamper-proof decentralised identity that is secured by the Bitcoin network and a fully decentralised storage system,” said Mohamed Abdou, Pravica Founder & CEO.
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The Pravica app is built on Blockchain, secured by Bitcoin design, providing unparalleled privacy and security thereby changing the encrypted communication industry.
Pravica believes that privacy is a human right and that the decentralisation of systems will improve efficiency, security and boost confidence in the ecosystem. Pravica will revolutionise the way we live and interact with each other.
