zkMe Secures $4M to Develop Web3 Identity Solutions

zkMe Secures $4M From Multicoin Capital

zkMe Technology Limited, the leading provider of zero-knowledge (ZK) identity verification solutions, has announced a $4M seed round led by Multicoin Capital, with participation from OKX Ventures and Robot Ventures. The funds will aid in developing the zkMe Network, a neutral zero-knowledge identity layer for Web3 developers requiring identity verification and compliance. The network is expected to launch by the end of the fourth quarter.

Impact of Regulatory Changes on Crypto Projects

The escalating enforcement actions against decentralized financial service providers highlight the impending regulatory changes that crypto projects must prepare for. With the EU's MiCA regulation set to take effect in the near future, mandating KYC procedures for all crypto transactions, and the Financial Action Task Force (FATF) intensifying its focus on anti-money laundering measures, the landscape for crypto projects is evolving rapidly.

zkMe’s Decentralized KYC Solutions

As the only decentralized KYC provider ready for FATF standards, zkMe equips Web3 teams with a comprehensive array of credential verification solutions to navigate these challenges. From robust anti-bot and anti-sybil measures to full-fledged KYC and KYT capabilities, zkMe's suite, available via SDK or API, streamlines compliance, fortifies data security, and mitigates regulatory complexities. Developers can ensure their projects not only meet the stringent demands of upcoming regulations but also adhere to the privacy-first ethos of Web3.

CEO Statement on Regulatory Landscape

"The regulatory landscape is shifting rapidly, with enforcement actions on the rise and MiCA regulations looming. Crypto companies need to act decisively now. Embracing compliant, decentralized KYC solutions like zkMe isn't just about avoiding penalties; it's about securing the future of your business and upholding the fundamental right to privacy for your users," stated Alexander Scheer, CEO and Founder of zkMe.

Innovative Technology Behind zkMe

zkMe’s identity verification solutions are powered by the zkMe Protocol, the world's first FATF-compliant, zero-knowledge know-your-customer (zkKYC) protocol, and the zkMe Network, a proprietary appchain. zkMe shifts zero-knowledge proof (ZKP) generation from server-side to client-side before on-chain verification, eliminating the latency issues and data breach risks associated with traditional server-side models and ensuring users maintain full control over their data. The zkMe chain then serves to store proofs in a neutral, decentralized layer, creating a trustless, self-sovereign, privacy-preserving bridge between credentials and any blockchain.

Multi-Capital's Support for zkMe

"zkMe's client-side approach to identity verification is the first-order correct way to do identity verification and compliance in the MiCA age," said Kyle Samani, Managing Partner at Multicoin Capital. "We are excited to partner with zkMe as they continue to build a decentralized and trustless identity infrastructure for the future of the internet."

Future Growth and Adoption

Since its inception, zkMe's technology has been adopted by over 60 Web3 projects, facilitating over 650,000 consumer attestations. Its diverse clientele includes platforms like Alchemy Pay and Kyberswap, along with prominent launchpads and RWA projects. The zkMe SDK, built on Cosmos and EVM compatible, offers broad chain support with over 20 integrations, making it the most versatile solution in the market. This SDK enables Web3 developers to seamlessly integrate self-sovereign identity and verifiable credentials into their applications, ensuring security and privacy while providing tools for creating, managing, and verifying credentials.

Empowering Users with KYC Solutions

"zkMe's reusable KYC solution is a game-changer. By empowering users to control their own digital identity and seamlessly reuse their verified credentials, zkMe is enhancing privacy and security, while also streamlining the onboarding experience across the Web3 ecosystem," said Jeff Ren, Partner of OKX Ventures.

The latest funding round will supercharge zkMe's roadmap, encompassing the decentralization of current products and the completion and launch of their appchain.

Frequently Asked Questions

What is zkMe Technology Limited?

zkMe Technology Limited is a leading provider of zero-knowledge identity verification solutions aimed at fostering compliance within Web3 applications.

How much funding did zkMe raise?

zkMe raised $4 million in a seed funding round led by Multicoin Capital.

What is the purpose of the zkMe Network?

The zkMe Network aims to provide a neutral zero-knowledge identity layer for Web3 developers that requires identity verification and compliance.

How does zkMe ensure data security?

zkMe utilizes a client-side approach to zero-knowledge proof generation, which mitigates data breach risks and ensures that users retain control over their personal information.

Who are the key investors in zkMe's funding round?

The funding round was led by Multicoin Capital, with participation from OKX Ventures and Robot Ventures.

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