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zkMe Raises $2 Million to Transform On-Chain Credential Verifications
(Originally posted on : Crypto News – iGaming.org )
By successfully raising $2 million in pre-seed funding, zkMe, the provider of zero-knowledge identity oracles, has made a ground-breaking move to revolutionize identity verification on the blockchain. Leading the funding round were well-known venture capital firms Circle Venture, Spartan Group, CMS Holdings, Fenbushi Capital, NGC Ventures, Arkstream Capital, and others. Despite the fact that the investment round was completed at the end of last year, zkMe decided to reveal it now after coming out of stealth mode last month.
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The management of personal data and identification has grown in importance for both individuals and organizations as the digital world continues to change. Users can selectively reveal their credentials to authorized parties using zkMe’s service without risking their privacy. By giving individuals total control over their digital identities, this ensures the security of their personal data. The protocol has numerous uses in a variety of sectors, such as anti-sybil defense for fair airdrops, anonymous online data attestation for GameFi integrations, and private KYC compliance for DeFi.
Decentralized applications (DApps) may now check user eligibility with zkMe’s novel and safe mechanism, which prioritizes privacy. Users can encrypt and anonymize their data using zkMe’s SSI mobile app, and they can utilize zero-knowledge proofs (ZKPs) to support their claims on their own devices. With this strategy, they can be sure that nobody else will process their personally identifiable information. Before being produced as a Secure Blockchain Token (SBT) and sent to the user’s wallet, the ZKPs are first confirmed by a network of MPC nodes. Furthermore, the DID holder’s uniqueness is guaranteed by zkMe’s proof-of-personhood methodology. Without gaining access to, processing, or keeping sensitive data, DApps can use the SBT to ask the zkMe network anonymous yes/no questions, such as confirming a user’s age, such as asking if they are at least 18 years old.
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The zkMe team is made up of highly skilled experts in front-end development, smart contracts, UX, and cryptography. The startup blends academic expertise with corporate experience with its skilled 23-person team, which includes three PhDs in cryptography research and 15 developers with experience working for significant IT firms. Enhancing privacy and security in digital interactions through the use of zero-knowledge proofs, machine learning, and decentralized identities is the main goal of zkMe. With the current funding, zkMe hopes to finish customer onboarding and testing within a month. Through its social media channels, the company has already made its initial go-live agreements with infrastructure, GameFi, and DeFi initiatives known.
Solutions like zkMe’s zero-knowledge KYC are crucial given the increased implementation of stronger KYC (Know Your Customer) and AML (Anti-Money Laundering) rules by the United States Department of the Treasury and Securities and Exchange Commission in the DeFi market. Institutions can take part in DeFi while maintaining compliance standards thanks to zero-knowledge KYC. In a permissioned DeFi ecosystem, it is essential for guaranteeing that confirmed users have access to financial services. With zkKYC, users have more control over their data and privacy as safe identity verification can be facilitated without the requirement for third-party verification.
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Additionally, it increases DeFi’s transparency and trustworthiness, lowering the likelihood of fraud and data breaches. Future applications are anticipated to include the validation of users’ Web2 activities and social status in addition to anti-Sybil protection and zkKYC.
The CEO and co-founder of zkMe, Alex Scheer, expressed his enthusiasm for the latest round of funding, saying, “This latest round of funding is a promising first step for us to establish a much-needed trust-layer for digital interactions. We believe that selective, secure and efficient credential verifications are of fundamental importance for Web3 as a whole to grow and attract new users and innovative use cases. We are thrilled to have the support of Circle and Spartan as we work to build the zk-credential network of Web3 and help users verify themselves privately.”
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