zkMe Technology Limited has finalized a $4 million seed funding round led by Multicoin Capital. The funds will support the development of zkMe Network, a decentralized identity verification layer for Web3 applications.
Privacy and Security
The zkMe Network will offer a neutral identity layer that integrates know-your-customer (KYC) and know-your-transaction (KYT) protocols while maintaining user privacy through zero-knowledge proofs. In Web3 and crypto, KYC involves verifying user identities to prevent fraud and comply with regulations, while KYT focuses on monitoring transactions to detect illegal activity. Both are crucial for ensuring security and compliance in the crypto space.
Investor Support
In addition to Multicoin Capital, the funding round saw participation from OKX Ventures and Robot Ventures. These strategic investments will accelerate the development of the zkMe network and support the launch of new features. Since its inception in December 2022, zkMe's technology has been used by over 60 Web3 projects and has facilitated more than 650,000 consumer attestations.
Technological Features
The zkMe Protocol, touted as the world's first FATF-compliant KYC protocol using zero-knowledge proofs, allows for client-side ZKP generation before on-chain verification. This approach reduces latency and enhances data security, giving users full control over their information. The company's SDK supports over 20 blockchain integrations, making it a versatile solution for developers. The recent funding will accelerate zkMe's development roadmap, launch its app chain, and decentralize existing products.
The completion of the funding round and support from well-known investors highlight zkMe's significant potential. The development of decentralized identity verification technology will contribute to strengthening security and compliance in the crypto space.
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