ZKPass, a startup that goals to offer decentralized id and entry administration options, has raised $2.5 million in a seed spherical led by Binance Labs, the enterprise arm of the main cryptocurrency change. Different buyers embody Sequoia China, Dragonfly Capital, HashKey Capital, and LongHash Ventures.
ZKPass leverages zero-knowledge proofs, a cryptographic method that permits customers to show their id or entry rights with out revealing any delicate info. The startup claims that its resolution can allow safe and privacy-preserving authentication for numerous purposes, comparable to decentralized finance (DeFi), non-fungible tokens (NFTs), and Internet 3.0 platforms.
In line with ZKPass, the present id and entry administration methods are centralized and susceptible to information breaches, id theft, and censorship. Furthermore, they typically require customers to share their private information with third events, which might compromise their privateness and expose them to surveillance.
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ZKPass goals to unravel these issues by making a decentralized and user-centric id and entry administration system that’s based mostly on blockchain and zero-knowledge proofs. Customers can create their very own digital identities and credentials, that are saved on their gadgets and verified by the ZKPass community. Customers can then use these credentials to entry numerous providers with out disclosing any private info or counting on intermediaries.
ZKPass additionally plans to launch a decentralized autonomous group (DAO) that can govern the event and operation of the community. The DAO will permit customers and stakeholders to take part within the decision-making course of and profit from the community’s progress.
The seed funding will assist ZKPass speed up its product growth and develop its crew. The startup additionally intends to collaborate with Binance Labs and different buyers to discover potential use instances and partnerships within the crypto house.
“We’re thrilled to have the help of Binance Labs and different main buyers in our mission to construct a decentralized id and entry administration system for the Internet 3.0 period,” mentioned ZKPass co-founder and CEO, Chen Yu. “We consider that ZKPass can empower customers to take management of their very own id and information, whereas enabling builders to create safer and user-friendly purposes.”
“Binance Labs is all the time searching for revolutionary initiatives that may advance the crypto trade and profit the customers. We’re impressed by ZKPass’s imaginative and prescient and expertise, which might allow a brand new degree of safety and privateness for Internet 3.0 customers,” mentioned Binance Labs director, Ling Zhang. “We’re excited to help ZKPass of their journey to create a extra decentralized and inclusive web.”
Binance, the world’s largest cryptocurrency change by buying and selling quantity, has introduced that it has reached 150 million registered customers on its platform. This milestone comes as the corporate celebrates its fourth anniversary and continues to develop its international presence and choices.
In a weblog publish revealed on August 3, 2023, Binance CEO Changpeng Zhao (CZ) thanked the Binance neighborhood for his or her help and belief through the years. He additionally shared some insights into the corporate’s imaginative and prescient and achievements, in addition to the challenges and alternatives forward.
CZ mentioned that Binance’s progress was pushed by its core values of freedom, innovation, and inclusion. He highlighted a number of the firm’s initiatives and merchandise that intention to democratize entry to crypto and blockchain expertise, comparable to Binance Good Chain, Binance Launchpad, Binance Academy, Binance Charity, and extra.
He additionally acknowledged the regulatory and compliance points that Binance has confronted in some markets and reiterated the corporate’s dedication to work with regulators and trade companions to foster a sustainable and wholesome crypto ecosystem. He mentioned that Binance is continually bettering its methods and processes to fulfill the best requirements of safety, transparency, and accountability.
CZ concluded his publish by expressing his gratitude to the Binance crew, companions, and customers for his or her dedication and contribution to the crypto house. He mentioned that Binance will proceed to innovate and serve its customers with the most effective services potential. He additionally invited everybody to hitch Binance’s anniversary celebration occasions and actions, which embody a stay AMA session with CZ, a $100,000 giveaway, and a particular NFT assortment.