Quick take:
- Web3 startup zkPass has raised $2.5 million in a seed round backed by Binance OKX and others.
- The organisation plans to use the funds to accelerate the development of its pre-alpha testnet.
- The digital identity security provider allows users to disclose personal data without submitting the actual documents.
ZKPass has announced a $2.5 million seed round backed by Binance Labs, OKX Ventures, Sequoia China, SIG DT Investments – a Susquehanna International Group company, Cypher Capital, Leland Ventures, and Blockchain Founders Fund.
ZKPass is a decentralised data platform offering a privacy-preserving protocol for private data verification. The platform allows users to share personal information without uploading the actual documents.
The platform combines three technologies including zero-knowledge proofs, multi-party computation, and three-party transport layer security to secure user data while allowing them to share personal data online.
With TransGate, zkPass’ primary data verification protocol, users can securely verify their data on any digital platform, from HTTP to web3. Some of the data formats that can be secured using TransGate include legal identity, financial records, healthcare information, social interactions, work experience, education and skill certifications.
TransGate also allows users to switch from one platform to another, including from social media platforms like Twitter and Discord to Web3 marketplaces like OpenSea, Solana and Polygon using a single identity.
Accordion to zkPass, its technology can be used in a variety of industries including decentralised finance platforms, Fintech, NFT marketplaces, gaming, education, healthcare, social media and governance.
Commenting on the fundraising via a blog post on Medium, Bing, the Tech Lead of zkPass said: “This funding marks our first step into the market, and we extend our heartfelt gratitude to all our early supporters. It provides us with the resources to accelerate protocol development, expand our talented team, and seamlessly integrate private data verification across diverse applications. Our vision is to revolutionize the industry by ensuring heightened privacy and security for all.”
In June 2023, zkPass won Binance’s first “Build the Blog” competition, which featured twelve competitors in the seven-episode web3 reality show.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
