Digital advertising platform tribeOS has received a $3m seed investment from Chinese Bitcoin mining company Bitmain Technology, in order to offer advertisers and publishers an ad-fraud free digital advertising platform.
The funding will go toward the final stages in developing the tribeOS marketplace which aims to launch in 2019. The platform aims to integrate Bitcoin Cash (BCH) blockchain with a peer-to-peer network in the hope of increasing profitability, transparency and accountability, as well as decentralizing authority.
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Matt Gallant, CEO of tribeOS, said, "Every company doing online marketing has lost considerable amounts of money to scammers on digital advertising platforms. Fortunately, we now see a growing awareness about ad fraud. It's about time. This has been an invisible crime for far too long.
"Platforms like ours will mean that the world's value creators will no longer need to fight their way to sustainability, hoping to be one of the fortunate few who survive. tribeOS will end ad-fraud, allowing advertisers to find their audience quickly."
According to a recent report from Juniper Research, advertisers are at risk of losing $19bn next year due to ad fraud, amounting to $51m every day.