The bear run that has been going on in the crypto market has affected a lot of blockchain-based startups. Many projects are laying off their employees to expand their runways owing to the shortage of funding that has risen due to the price drops of various crypto assets. While some have their fundings locked properly, those who didn’t take such actions in the beginning are facing troubles. In the hindsight of all this, ODEM, a blockchain-based project aiming to revolutionize the world of global education, isn’t facing any issues related to its funding at all despite the bear market.
BlockPublisher recently got in touch with the Founder and Chief Executive Officer of the project ODEM, Richard Maaghul. In reply to the question whether the bear market has affected the project’s funding or not, Richard said:
No. The primarily reasons is our successes, project traction rate, and delivering on the promises we had made to the ODEM community during our ICO.
ODEM seems to be focused on its efficiency and promise-delivery aspects in order to gain traction in the world of investment. Adding on to it, he also said:
More and more investors and venture funds are contacting us on a daily basis showing serious interest in ODEM.
ODEM seems to be gaining enough attention from the investors right now, unlike many others in the crypto arena. Quite recently, we saw ETCDEV, the development studio associated with Ethereum Classic, shut down its activities with Ethereum Classic owing to the lack of funding. ConsenSys, the well-renowned developments studio of Ethereum, is also looking into the aspect of laying off some of its staff in order to gain a long runway. Besides laying off, some projects are also looking into the possibility of a shutdown.
During the ICO boom, many projects that raised fundings on the ethereum blockchain in ETH are now suffering owing to the drop that has been seen in the price of ETH.
Although some projects managed to take preventive measurements in the very beginning. One of such examples is Blockstack, which locked its funding so that it does not get wasted away and only comes out in circulation when needed. ODEM is also one of the lucky projects that are not suffering from the lack of fundings owing to its proactive nature in regards to meeting its goals. Let’s see how this project flourishes from here on.