In a seed funding round, zkMe Technology Limited was able to raise $4 million. Multicoin Capital led the investment. OKX Ventures and Robot Ventures also took part in the round.
With the new funds, the creation of zkMe Network, a decentralized identity verification layer made for Web3 applications, will begin. The company said that this network would be up and running later this year.
As regulatory pressures rise, especially with the EU’s upcoming MiCA rules and the Financial Action Task Force’s (FATF) standards, zkMe wants to provide a compliance solution that is specifically designed for Web3 developers.
zkMe’s Neutral Identity Layer
The zkMe Network will have a neutral identity layer that combines the know-your-customer (KYC) and know-your-transaction (KYT) protocols. Zero-knowledge proofs will protect user privacy.
When it comes to Web3 and the digital currency, KYC checks users’ identities to stop fraud and make sure they follow the rules, while KYT watches transactions to find illegal activity. These two things are necessary to keep the crypto environment safe and compliant.
People say that zkMe’s protocol is the first zero-knowledge KYC protocol that is compliant with FATF. It allows clients to create zero-knowledge proofs (ZKPs) before they are verified on the blockchain. This way cuts down on latency and improves data security, so users can keep full control over their personal data.
zkMe’s technology has been used by more than 60 Web3 projects since its start in December 2022, making it possible for more than 650,000 consumer attestations.
The company’s software development kit (SDK) is flexible for writers because it works with more than 20 blockchain integrations. The new money will speed up zkMe’s development plan, make it easier to start its app chain, and make its existing products even less centralized.
