- $12.5 million has been raised by zkPass in a Series A fundraising round.
- According to co-founder and CTO Bing Jiang, the financing was organized as SAFT and increased the token valuation of zkPass to $100 million.
In a Series A fundraising round, zkPass, a privacy-preserving technology for data verification, has raised $12.5 million.
Dao5, Animoca Brands, Flow Traders, Amber Group, IOBC Capital, Signum Capital, MH Ventures, and WAGMI Ventures were among the investors in the round, according to zkPass on Thursday.
Co-founder and CTO Bing Jiang said that zkPass did not have a lead investor in the round because the company wanted to let all investors to contribute more than they could have if a single lead investor had taken a sizable stake.
Fundraising for the Series A round of zkPass started at the end of the previous year, and it was closed in May. With the funding set up as a simple agreement for future tokens (SAFT), zkPass’s token valuation was fully diluted and valued at $100 million. It is anticipated that the zkPass token will go live in the first quarter of 2019.
After receiving a $2.5 million seed round in August 2023 from Binance Labs, Sequoia China, OKX Ventures, and other investors, zkPass has now raised $15 million in total funding.
What is zkPass?
A zero-knowledge proof-based data verification protocol called zkPass enables users to validate information—like identity or financial records—without disclosing the real data. Users can create a “proof” by visiting a website, such as a bank or social networking account, that stores personal information.
This evidence confirms particulars, like the existence of an account or the length of a service relationship, without revealing any private information. After that, the proof can be safely shared for verification with other parties, like lenders or decentralized apps, without disclosing the underlying data.
As of right moment, more than 70 web data sources have produced over two million proofs. Since ZK-based technology is still in its infancy, we think that most of the opportunities will still be ahead of us, not just for our company but also for the industry as a whole.
Opacity Labs, the company that created Opacity Network, a platform for data verification using zero-knowledge proofs, and rival to zkPass, raised $12 million earlier this week in a seed fundraising round that was co-led by Archetype and Breyer Capital.
Jiang intends to add a few more personnel to zkPass’s current staff of 26 in the areas of business development, marketing, and engineering.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
