DataWallet Launches to Empower Consumers to Claim the Profits Made with Their Data

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Backed by Tim Draper and Marc Benioff, the DataWallet app enables users to make money from the data they create on Facebook, Twitter, Instagram and Pinterest.

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“I founded DataWallet so that people can take charge of their data, and finally reap the profits from an asset that is rightfully theirs,” said founder and CEO Serafin Engel.

DataWallet, the free app that empowers people to sell their online data directly to businesses, today announced the beta launch of its data marketplace, enabling users to sell their data directly to businesses for up to $50 per transaction. The DataWallet app is now available for download at the App Store: https://itunes.apple.com/app/datawallet-reclaim-profits/id1112575822.

Today, DataWallet added the first 1,000 people on its waitlist to the closed beta, with more wait-listed users to be added in the coming months. Since the company first announced its formation last year—with a round of angel funding led by Tim Draper and Marc Benioff—almost 20,000 people have joined the waitlist.

On the free DataWallet app, available on the App Store, users can choose the data they want to share and which businesses and industries they want to sell it to—from banks to marketing agencies to household appliance manufacturers. Users will earn between $1 and $50 each time an approved Data Buyer purchases their chosen data. DataWallet does not share any personally identifiable information about users (such as name, email, Twitter handle or photos) and guarantees that users’ data is always 100% anonymized and 100% secure.

DataWallet aims to put $300 billion—representing the size of the data brokerage industry—into consumers’ pockets. Currently, thousands of data brokers sell user data to businesses without users’ consent and without paying users, drawing from data that is either publicly available or licensed to them via third-party agreements. By operating with the express consent of the users sharing their data, DataWallet can provide companies with data that has so far been out of reach for them.

“I founded DataWallet so that people can take charge of their data, and finally reap the profits from an asset that is rightfully theirs,” said founder and CEO Serafin Engel. “I believe the data that marketers can buy on open markets is stolen from the people who create it. Companies called data brokers are the forces behind this process, and each year they make billions in revenue in the U.S. alone. Imagine what impact it would have if this money were put into the pockets of the people who create it.”

Currently, DataWallet is also accepting signups from businesses for closed beta spots at business.datawallet.io. Using the DataWallet platform, businesses can get unprecedented access to analyses based on up to 100% of consumer data from Facebook, Twitter, Instagram and Pinterest—with more platforms to be added in the coming months.

About DataWallet
Founded in 2014, DataWallet is a free app that empowers people to sell their online data directly to businesses. Now in closed beta, DataWallet’s investors include Tim Draper, Marc Benioff, Vijay & Jayshree Ullal, DG Incubation and Alchemist Accelerator. For more information, please visit http://www.datawallet.io.

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Ben Kellogg
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