ZKPass, a startup that aims to provide decentralized identity and access management solutions, has raised $2.5 million in a seed round led by Binance Labs, the venture arm of the leading cryptocurrency exchange. Other investors include Sequoia China, Dragonfly Capital, HashKey Capital, and LongHash Ventures.
ZKPass leverages zero-knowledge proofs, a cryptographic technique that allows users to prove their identity or access rights without revealing any sensitive information. The startup claims that its solution can enable secure and privacy-preserving authentication for various applications, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and Web 3.0 platforms.
According to ZKPass, the current identity and access management systems are centralized and vulnerable to data breaches, identity theft, and censorship. Moreover, they often require users to share their personal data with third parties, which can compromise their privacy and expose them to surveillance.
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ZKPass aims to solve these problems by creating a decentralized and user-centric identity and access management system that is based on blockchain and zero-knowledge proofs. Users can create their own digital identities and credentials, which are stored on their devices and verified by the ZKPass network. Users can then use these credentials to access various services without disclosing any personal information or relying on intermediaries.
ZKPass also plans to launch a decentralized autonomous organization (DAO) that will govern the development and operation of the network. The DAO will allow users and stakeholders to participate in the decision-making process and benefit from the network’s growth.
The seed funding will help ZKPass accelerate its product development and expand its team. The startup also intends to collaborate with Binance Labs and other investors to explore potential use cases and partnerships in the crypto space.
“We are thrilled to have the support of Binance Labs and other leading investors in our mission to build a decentralized identity and access management system for the Web 3.0 era,” said ZKPass co-founder and CEO, Chen Yu. “We believe that ZKPass can empower users to take control of their own identity and data, while enabling developers to create more secure and user-friendly applications.”
“Binance Labs is always looking for innovative projects that can advance the crypto industry and benefit the users. We are impressed by ZKPass’s vision and technology, which can enable a new level of security and privacy for Web 3.0 users,” said Binance Labs director, Ling Zhang. “We are excited to support ZKPass in their journey to create a more decentralized and inclusive internet.”
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it has reached 150 million registered users on its platform. This milestone comes as the company celebrates its fourth anniversary and continues to expand its global presence and offerings.
In a blog post published on August 3, 2023, Binance CEO Changpeng Zhao (CZ) thanked the Binance community for their support and trust over the years. He also shared some insights into the company’s vision and achievements, as well as the challenges and opportunities ahead.
CZ said that Binance’s growth was driven by its core values of freedom, innovation, and inclusion. He highlighted some of the company’s initiatives and products that aim to democratize access to crypto and blockchain technology, such as Binance Smart Chain, Binance Launchpad, Binance Academy, Binance Charity, and more.
He also acknowledged the regulatory and compliance issues that Binance has faced in some markets and reiterated the company’s commitment to work with regulators and industry partners to foster a sustainable and healthy crypto ecosystem. He said that Binance is constantly improving its systems and processes to meet the highest standards of security, transparency, and responsibility.
CZ concluded his post by expressing his gratitude to the Binance team, partners, and users for their dedication and contribution to the crypto space. He said that Binance will continue to innovate and serve its users with the best products and services possible. He also invited everyone to join Binance’s anniversary celebration events and activities, which include a live AMA session with CZ, a $100,000 giveaway, and a special NFT collection.