Pravica, a communication platform using blockchain technology to empower user privacy and security, has announced a direct investment from Crypto Valley Venture Capital (CV VC), a blockchain venture capitalist and incubator.
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.
The startup 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. The app is built on blockchain, secured by Bitcoin design, providing privacy and security thereby changing the encrypted communication industry.
“We are reinventing digital communication protocols by utilizing Stacks Blockchain and its smart contracts to engineering a tamper-proof decentralized identity that is secured by the Bitcoin network and a fully decentralized storage system”, said Mohamed Abdou, Pravica Founder & CEO.
CV VC’s 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.
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.