- The $4 million seed round led by Multicoin Capital, with support from Robot Ventures and OKX Ventures, was closed by the decentralized identification firm zkMe.
- By year’s end, its exclusive appchain, zkMe Network, is anticipated to debut.
The team behind zkMe Technology Limited, a zero-knowledge technology firm based in Hong Kong, said in a statement on Tuesday that it has successfully completed a $4 million seed round led by Multicoin Capital and supported by OKX Ventures and Robot Ventures.
The money will be used to support the ongoing development of the zkMe Network, a proprietary appchain that should go live by year’s end. For web3 applications in need of identity verification and compliance systems, zkME is a general-purpose identity layer.
Although the cryptocurrency sector has generally supported financial privacy and pseudonymity, it is now obvious that user restrictions will need to be integrated into wallets, DeFi protocols, and exchanges as regulators continue to write regulations.
The network seeks to simplify the process of complying with the Financial Action Task Force’s and the European Union’s forthcoming MiCA laws by meeting their standards for money-laundering and terrorist funding.
The reusable KYC solution from zkMe is revolutionary. According to OKX Ventures partner Jeff Ren, “zkMe is not only improving privacy and security, but also streamlining the onboarding experience by empowering users to control their own digital identity and seamlessly reuse their verified credentials.”
The product suite from zkME, which includes anti-spam bots, user identity verification tools, and other security services, is accessible via an API or software development kit.
The project began in late 2022 and has since attracted clients from platforms like as Kyberswap, Alchemy Pay, and a number of real-world asset ventures.
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.
