In an encouraging development, zkPass, a company specializing in privacy-preserving solutions, has successfully raised $2.5 million in a seed funding round. The notable group of investors includes Binance Labs, Sequoia China, OKX Ventures, dao5, SIG DT Investments (a Susquehanna International Group company), Cypher Capital, Leland Ventures, and Blockchain Founders Fund.
zkPass utilizes a unique combination of three key technologies: zero-knowledge proofs, multi-party computation, and three-party transport layer security. This innovative approach allows users to disclose personal data without exposing or uploading the actual documents. By leveraging this cutting-edge technology, zkPass opens up new possibilities in various sectors, including decentralized identity passes, privacy-centric healthcare data marketplaces, and DeFi protocols utilizing off-chain data for credit applications.
The raised funds will be directed towards advancing the development of zkPass’s pre-alpha testnet, which has already accumulated an impressive waitlist of 190,000 signups. Binance Labs played a pivotal role in nurturing the project and assisting with its direction and growth.
Aly Madhavji from Blockchain Founders Fund expressed his excitement about zkPass’s revolutionary approach to privacy preservation. As the importance of personal data security continues to grow, zkPass is at the forefront of redefining how personal information is managed online. The immense interest in their pre-alpha testnet serves as a testament to the potential of zkPass’s technology, and stakeholders eagerly anticipate the company’s continued success and innovation.
zkPass is a privacy-preserving protocol for private data verification. Its foundation lies in Multi-Party Computation (MPC), Zero-Knowledge Proofs (ZKP), and three-party Transport Layer Security (3P-TLS). Their primary offering, TransGate, empowers users to selectively and privately validate their data on any HTTPS website to the web3 world. This protocol covers various data types, including legal identity, financial records, healthcare information, social interactions, work experience, education and skill certifications, and more. Importantly, all these verifications can be securely and privately conducted without the need to disclose or upload any sensitive personal data to third parties.
With the seed funding secured, zkPass is poised to make significant progress in its development. The involvement of prominent investors demonstrates the industry’s confidence in the company’s vision and technology. Moving forward, zkPass aims to continue revolutionizing privacy preservation and reshaping the way personal information is handled and protected online.
As society becomes increasingly aware of the importance of safeguarding personal data, solutions like zkPass offer a promising future. By leveraging advanced technologies and innovative approaches, individuals can confidently manage and validate their personal information while maintaining utmost privacy and security. zkPass’s success in the seed funding round serves as a significant milestone in their mission to redefine privacy in the digital age.