August 20, 2024
Hong Kong-based zkMe Technology Limited, a decentralized identity startup utilizing zero-knowledge technology, has secured $4 million in seed funding. The round was led by Multicoin Capital, with support from OKX Ventures and Robot Ventures, as announced on Tuesday.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
ZkME | $4M | August 20, 2024 | Seed Round | Multicoin Capital | ZK |
The funds will be used to further develop the zkMe Network, a proprietary appchain set to launch by the end of the year. zkME serves as a general-purpose identity layer for web3 applications requiring identity verification and compliance systems.
Despite the crypto industry’s focus on pseudonymity and financial privacy, it has become evident that exchanges, DeFi protocols, and wallets must incorporate user controls to meet regulatory requirements. The zkMe Network aims to comply with anti-money laundering and counter-terrorist financing standards set by the Financial Action Task Force and the upcoming MiCA regulations in the E.U., streamlining the compliance process.
About zkMe
zkMe is a decentralized identity platform that uses zero-knowledge proofs to provide secure and private credential verification. It allows users to verify their credentials without sharing personal data, ensuring privacy and compliance with regulations. The platform supports Web3 applications by enabling identity verification and compliance systems, making it easier for businesses to meet regulatory requirements while maintaining user privacy.
Website: https://zk.me/
About Investor
Investor: Multicoin Capital
Multicoin Capital is a thesis-driven investment firm that specializes in cryptocurrencies, tokens, and blockchain companies that are reshaping trillion-dollar markets. The firm manages a hedge fund and several venture funds, investing across both public and private markets. Founded in May 2017, Multicoin Capital has developed a reputation for being forward-leaning, independent thinkers2. They are known for pioneering token economic models, valuation methodologies, and challenging long-standing assumptions that the crypto ecosystem takes for granted.
As a crypto-native fund, they actively engage and participate in the networks they invest in. They are intimately familiar with the crypto technology landscape and market structure. They are hands-on investors and will do everything in their power to maximize the success of their portfolio companies.
Location: Austin, TX
Website: https://multicoin.capital/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments