Quick take:
- The startup was founded last December.
- Dynamic will provide wallet-based authentication infrastructure.
- The founders believe that Web3 authentication will be widely adopted in the future.
Web3 authentication and authorisation infrastructure startup, Dynamic, today announced that it has raised $7.5 million in seed funding led by a16z. Additional investors in the round include Castle Island Ventures, Solana Ventures, Circle Ventures, Breyer Capital, Hypersphere and Chapter One.
The seed round was closed in April and the funds will be used to expand its team of eight and ship the platform.
The startup was founded last December by two Israeli friends, Itai Turbahn and Yoni Goldberg, who first met at the Massachusetts Institute of Technology (MIT) 15 years ago. They have worked together in the past in organisations including Israel Defense Forces and Juul Labs.
Dynamic is Turbahn and Goldberg’s first startup together and first professional experience in the crypto space. However, they are both no strangers to crypto as they bought their first Bitcoin in 2012.
Both Turbahn and Goldberg are confident that that Web3 authentication will be widely adopted in the future.
Speaking to The Block, Turbahn said: “We really fundamentally believe that everyone will have a wallet on their phone or computer in the next five years. The speed at which wallets will be integrated into someone’s daily lives will increase exponentially. So we’re prepping for that world.”
Goldberg said in an interview with The Block that Dynamic is “Auth0 for web3″. Auth0 is a leading authentication and authorisation platform for Web2 developers. Auth0 provides an email-based authentication infrastructure so that users can prove their identity via email and password when logging in to an app. It was acquired last year by American identity and access management company, Okta, for $6.5 million.
Dynamic will instead provide wallet-based authentication infrastructure as Web2 moves towards Web3. It aims to serve different types of startups and companies in the Web2 and Web3 space.
The platform opens today in closed beta and its current alpha clients include Llama, Popartcats, Handstamp and Lunchclub. It will be available to the general public later this year.
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