Dubai: Memob+, a data and location-based marketing services company, announced a strategic investment in GeoDB, a peer-to-peer decentralized data exchange ecosystem, to accelerate blockchain innovation.
According to a joint statement, the investment supports the companies’ shared vision of democratising data by altering how users and brands exchange and monetize data.
A decentralised wallet is a common goal of MEmob+ and GeoDB, with the goal of enabling individuals to get rewards for the data they share. Users will be able to earn GeoTokens via the soon-to-be-available decentralised wallet, which offers a safe gateway into the world of cryptocurrencies.
According to Ihab El Yaman, co-founder and CEO of MEmob+,
“Over the last few years, MEmob+ has invested in blockchain technologies that will soon become critical in a world that is geared towards the metaverse, enabling users to use cryptocurrencies and NFTs (non-fungible tokens) in a virtual world.”
He added: “Third-party cookies are becoming obsolete, and consumers are now demanding more transparency and control over their information. Our partnership with GeoDB will enable us to access quality first-party data for capturing consumer preferences so we are able to form trusted and direct relationships.”
GeoDB is a pioneer in the decentralised blockchain data-sharing ecosystem, having been founded in 2009. For both businesses, the digital wallet will be a key tool for collecting data, reinforcing the value of users as data creators and securing their position as the essential components of a digital marketplace.Both companies aim to attract a large number of users to the decentralized app, making it the main cryptocurrency wallet internationally.
The decentralised app’s goal from both businesses is to draw a sizable user base and establish it as the leading bitcoin wallet globally. The Open Data Interoperable Network protocol, which enables effective peer-to-peer transactions and enables users to give their information anonymously while earning rewards for it, will enable MEmob+ to collect first-party data from users.
MEmob+’s investment in GeoDB represents the company’s broader strategy of diversifying globally and collaborating with partners to redefine users’ data experience.