ZkMe Technology Limited concluded a $4 million seed funding round led by Multicoin Capital, Robot Ventures, and OKX Ventures.
As stated in the press statement, the money will help develop zkMe Network, a decentralised identity verification layer for Web3 applications that is anticipated to go live later this year.
In the face of heightened regulatory scrutiny, primarily from the Financial Action Task Force and the EU’s impending MiCA legislation, zkMe seeks to provide Web3 developers with a compliance option.Â
Privacy and Security
The zkMe Network will use zero-knowledge proofs to ensure user privacy while integrating know-your-customer and know-your-transaction protocols into a neutral identity layer.
Whereas KYT concentrates on transaction monitoring to spot illicit activity, KYC in Web3 and crypto incorporates user identity verification to thwart fraud and adhere to legislation. Both are essential to maintaining compliance and security in the cryptocurrency industry.Â
Claimed to be the first zero-knowledge KYC protocol in the world that complies with FATF, the zkMe Protocol enables client-side production of ZKP prior to on-chain verification.
This method gives customers complete control over their information while lowering latency and improving data security.
Since its founding in December 2022, more than 60 Web3 projects have used zkMe’s technology, enabling more than 650,000 customer attestations.
The company offers more than 20 blockchain interfaces with its SDK, making it an adaptable developer tool.
With this latest funding, zkMe will decentralise its current products, introduce its app chain, and expedite its development path.
