ZkMe, the provider of a zero-knowledge identity oracle, has achieved a significant milestone by raising $2 million in pre-seed funding. The funding was obtained from esteemed venture capital firms such as Circle Venture, Spartan Group, CMS Holdings, Fenbushi Capital, NGC Ventures, Arkstream Capital, and other respected investors.
zkMe raises $2M to revolutionize on-chain credential verifications with ZKP
ZkMe, the provider of an identity oracle based on zero-knowledge proofs, has successfully raised $2 million in pre-seed funding from reputable venture capital firms such as Circle Venture, Spartan Group, CMS Holdings, Fenbushi Capital, NGC Ventures, Arkstream Capital, and others. Although the funding round concluded at the end of the previous year, the company has recently emerged from stealth mode and is now officially announcing the news.
In today’s era of digital transformation, safeguarding identity and personal information has become a crucial concern for individuals and organizations alike. ZkMe offers a solution that allows users to selectively disclose their credentials to authorized parties while preserving their privacy, granting them complete control over their digital identities.
With ZkMe, users can create and manage their digital identities without the fear of compromising their personal information. The protocol holds promise for various industries, including anti-sybil protection for fair airdrops, anonymous web data attestation for GameFi integrations, and private KYC compliance for DeFi.
ZkMe has implemented an innovative and secure method for decentralized applications (DApps) to efficiently verify user eligibility while ensuring their privacy. Through the SSI (Self-Sovereign Identity) mobile app developed by ZkMe, users can encrypt and anonymize their data, as well as prove their claims on their own devices using zero-knowledge proofs (ZKPs).
This ensures that only the users themselves have access to their personally identifiable information, and the ZKPs are verified by a network of MPC (Multi-Party Computation) nodes before being minted onto the user’s wallet as an SBT (Selective Bearer Token). ZkMe’s proof-of-personhood approach guarantees the uniqueness of the DID (Decentralized Identifier) holder.
DApps can query the zkMe network using the SBT to obtain anonymous yes/no statements, such as whether the user is over 18 years old, ensuring user eligibility without the need to access, process, or store any sensitive data.
The zkMe team comprises highly experienced professionals from various fields, including cryptography, smart contracts, UX, and front-end development. With a team of 23 members, including three PhDs specializing in cryptography research and 15 developers with backgrounds in major technology companies, the startup combines academic and corporate expertise.
Its primary focus is on enhancing privacy and security in digital interactions using zero-knowledge proofs, machine learning, and decentralized identities. With the recent funding, zkMe aims to complete testing and onboard customers on the mainnet within a month. The company has already announced its initial go-live partnerships with infrastructure, GameFi, and DeFi projects through its social media channels.
In light of stricter KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements enforced by the United States Department of the Treasury and Securities and Exchange Commission in the DeFi sector, solutions like zkMe’s zero-knowledge KYC are essential. Zero-knowledge KYC enables institutions to participate in DeFi while complying with regulatory standards.
It plays a vital role in ensuring that verified users can access financial services within a permissioned DeFi ecosystem. ZkKYC, zkMe’s solution for secure identity verification without relying on third-party verification, gives users more control over their data and privacy.
Additionally, it enhances transparency and trust in DeFi, minimizing the risks associated with fraudulent activities and data breaches. Anti-sybil protection and zkKYC are just the initial use cases for credentials, with future use cases expected to include verifying users’ Web2 activities and social status.
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.Alex Scheer, CEO and co-founder
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