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Fast take:
The fundraising brings the entire raised to $15 million following a $2.5 million introduced in August 2023.
The corporate gives a zero-knowledge proofs-powered platform that enables customers to confirm their info with out sharing precise information.
zkPass plans to broaden its crew throughout engineering, advertising and enterprise growth features.
zkPass has closed a $12.5 million Sequence A spherical backed by dao5, Animoca Manufacturers, Movement Merchants, Amber Group, IOBC Capital, Signum Capital, MH Ventures and WAGMI Ventures.
The fundraising was structured as a easy settlement for future tokens (SAFT) and introduced the entire raised to $15 million, following the corporate’s $2.5 million seed spherical introduced in August 2023.
zkPass is constructing a zero knowledge-powered information verification protocol that enables customers to confirm particular info with out sharing precise information.
A number of the relevant use circumstances for zk proof-based information verification protocols embrace verifying identification, monetary information and driver info as just lately reported in zkPass’s closest rival Opacity Community’s announcement earlier this week.
The verified info can then be shared with numerous entities like lending platforms to challenge loans or AI fashions for analysis.
Commenting on the announcement, Bing Jiang co-founder and CTO of zkPass instructed The Block, “Proper now, we now have over two million proofs generated from 70+ net information sources. ZK-based expertise continues to be at such an early stage that we imagine the overwhelming majority of alternative lies forward — not only for our agency, however for the business as an entire.”
zkPass plans to make use of a few of the contemporary capital to broaden its crew engineering, advertising and enterprise growth features.
Jiang stated the brand new fundraising valued zkPass at $100 million. The corporate plans to launch its native token within the first quarter of 2025.
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