EMURGO Africa’s Adaverse Backs Pravica to Enhance Its Web3 Messaging and Data Privacy Solution with Cardano Integration
PRESS RELEASE — April 18, 2023
Adaverse, a Cardano ecosystem accelerator building its most robust foundation across Africa, Asia, and the Middle East, has announced investment into Pravica, a blockchain-powered messaging platform, and DAO tooling for highly secure communication infrastructure. Adaverse joins an ongoing seed round for Pravica to expand its solution into new markets and integrate the Cardano blockchain.
Adaverse is a Cardano-focused venture fund and leading startup accelerator—set up as a collaborative initiative between EMURGO Africa, a Middle East and Africa-focused establishment of Cardano blockchain founding entity EMURGO, and Everest Ventures Group, a leading blockchain industry accelerator—to identify and provide valuable support resources to promising startup founders building the next wave of Web3 dApps, including DeFi, NFTs, SocialFi, GameFi, and the metaverse.
Pravica uses its messaging platform and data privacy protocol to facilitate the widespread use of blockchain technology in everyday communication and strengthen trust within enterprises and Decentralised Autonomous Organisations (DAOs). With the increasing use of online platforms and the sharing of personal information, the risk of cyber threats and privacy breaches has become a major concern for individuals and organisations. An estimated 4,145 publicly disclosed breaches were recorded in 2021, which exposed over 22 billion personal records. This is a 5% decrease compared to the previous year. The consequences of such breaches go beyond financial implications and extend to reputational damage and even identity theft. To combat these threats, Pravica has developed a blockchain-based messaging platform that offers secure communication and data privacy solutions to individuals and enterprise companies worldwide.
Vincent Li, founding partner at Adaverse commented, “Communication and trust are essential to the success of socio-economic development of communities and highly essential in successful DAOs, which is precisely what Pravica’s innovative solution enhances. Adaverse is thrilled to support Pravica’s mission of providing privacy and security solutions to users globally. We are also eager to provide them with the necessary resources, funding, and mentorship to ensure their integration with Cardano tools is seamless.”
Pravica; More Than Just Messaging
Pravica is a Web3 platform designed to offer chain-agnostic products that enable crypto communities and Web3 enthusiasts to communicate securely while owning their data and identity rights. Web3 solutions can now enable highly secure messaging channels on their platforms for their user data to be fully protected with Pravica’s messaging protocol. The fully decentralised technology ensures a high degree of user data security through unique identities that are secured on the Bitcoin network.
In 2019, Pravica embarked on a mission to find a scalable blockchain-based solution that meets the needs of the industry. After extensive research and development, Pravica Club was created to provide a fully organised DAO management tool that is tailored to the needs of Web3 communities. Pravica is targeting Web3 community members who are seeking to simplify the internal management of their DAOs while possessing their decentralised identities and taking advantage of blockchain-based functionalities. These features include using decentralised IDs (DID) for easy public discussions and team conversations in the chat experience, submitting proposals for voting and execution on the blockchain, managing in-community roles based on members’ wallet holdings, creating operational smart contracts within the DAO, and establishing smart contract-based projects through no-code techniques.
Pravica’s Suite of Products
Pravica offers two main products focused on the niches of identity, privacy, and data storage with smart contracts. Pravica Messenger and Pravica Club are designed to empower corporations, SMEs, startups, financial institutions, and government entities to drive their businesses forward with high-end privacy and security.
Pravica Messenger is an end-to-end encrypted messaging tool built for both individuals and enterprises that allows secure and private group messaging with tools for member coordination. The advent of blockchain technology promised a highly secure peer-to-peer exchange of data, and with Pravica Messenger, this vision becomes a reality, allowing blockchain enthusiasts and private/public entities alike to conduct seamless and secure group messaging and unrestricted sharing of information. To further improve the user experience, Pravica Messenger also powers seamless crypto transactions and provides a secure and private communication channel for sensitive information.
Pravica Club is a multi-featured crypto-native platform tailored to aid management and governance in communities, enterprises, and DAOs. Pravica Club is a highly efficient blockchain protocol that can aid developers and innovators to build and manage large memberships, user functionality, and processes in their DAOs.
Speaking on why the platform is targeted at the Web3 ecosystem, Mohamed Abdou Pravica Founder and CEO said, “The global Web3 economy is surging, with a market size expected to grow from USD 2.86 billion in 2023 to USD 116.5 billion in 2033. We are building for the decentralised future, and we understand how Web2 platforms would need to be completely overhauled to accommodate the solutions we offer, and even if they were to make these changes, they would still need to invest a significant amount of time and resources to improve security and provide their users with a sense of safety when connecting their wallets to these centralised platforms.”
What’s Next: Pravica’s Focus on Cardano Integration
Pravica’s platform aims to be blockchain-agnostic, accommodating users of various networks, including the Cardano community, to authenticate and communicate through Pravica using their preferred wallets. The next phase of development will focus on improving communication functionalities to capture bigger markets and integrate more chains. Pravica’s immediate plans will include Cardano integration as the network’s growth is notable and there has been an increased demand for Cardano’s highly efficient blockchain technology infrastructure globally.
“Pravica empowers users to take control of their own encryption keys and protect their privacy on the new user-owned internet. This investment from Adaverse will help us bring our unique approach to secure communication to a wider audience,” said Mohamed Abdou, CEO of Pravica.
In collaboration with Adaverse and EMURGO, Pravica aims to assist Cardano-based DAOs and projects by providing secure and efficient communication tools. Adaverse and EMURGO will offer strategic consultation and mentorship to Pravica, guiding them on how to navigate the Cardano ecosystem and improve their product development and marketing strategies.
Shogo Ishida, co-CEO for the Middle East & Africa at EMURGO Africa commented, “Adaverse and EMURGO are excited to support Pravica’s vision of a decentralised, secure communications system built on the blockchain. Both in Africa and across the world, recent market events have highlighted the importance of security and confidentiality in the Web3 space. Pravica provides one of the first tangible solutions to this issue, and Adaverse is glad to be joining their journey with strategic mentorship and tools for growth on the Cardano blockchain.”
Adaverse is a Cardano-focused accelerator set up jointly by EMURGO Africa, a subsidiary of EMURGO, the official commercial arm of the Cardano protocol, and Everest Ventures Group, a leading blockchain and digital asset venture studio, looking to identify and scale promising Web3 projects in Africa. Since its inception in 2021, Adaverse has invested in thirty (30) startups in Africa building infrastructure projects such as Web 3.0 and Layer2.
Adaverse is dedicated to helping young startups grow and assisting founders in building sustainable and globally-relevant businesses. Adaverse is seeking to commit more resources to expanding its reach in Africa, the Middle East, and Asia to help launch innovative solutions, particularly Cardano-based projects, as part of its efforts to usher in a digitally-advanced global economy.
To learn more about Pravica’s unique platform, visit the website.
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