Zero-Knowledge Company Launching zkMe Network, A Decentralized Identity Verification Layer for Web3 Developers, in Winter 2024
Hong Kong, China, Aug. 20, 2024 (GLOBE NEWSWIRE) -- zkMe Technology Limited, the leading provider of zero-knowledge (ZK) identity verification solutions, today announced a $4M seed round led by Multicoin Capital with participation from OKX Ventures and Robot Ventures. The investment will be used to develop zkMe Network, a neutral zero-knowledge identity layer for Web3 developers who require identity verification and compliance. The network is expected to launch by the end of Q4.
The escalating enforcement actions against decentralized financial service providers highlight the impending regulatory changes that crypto projects must prepare for. With the EU's MiCA regulation set to take effect in 2025, mandating KYC procedures for all crypto transactions, and the Financial Action Task Force (FATF) intensifying its focus on anti-money laundering measures, the landscape for crypto projects is evolving rapidly.
As the only decentralized KYC provider ready for FATF standards, zkMe equips Web3 teams with a comprehensive array of credential verification solutions to navigate these challenges. From robust anti-bot and anti-sybil measures to full-fledged KYC and KYT capabilities, zkMe's suite, available via SDK or API, streamlines compliance, fortifies data security, and mitigates regulatory complexities. Now developers can ensure their projects not only meet the stringent demands of upcoming regulations yet adhere to the privacy-first ethos of web3.
"The regulatory landscape is shifting rapidly, with enforcement actions on the rise and MiCA regulations looming in 2025. Crypto companies need to act decisively now. Embracing compliant, decentralized KYC solutions like zkMe isn't just about avoiding penalties, it's about securing the future of your business and upholding the fundamental right to privacy for your users," stated Alexander Scheer, CEO and Founder of zkMe.
zkMe’s identity verification solutions are powered by the zkMe Protocol, the world's first FATF-compliant, zero-knowledge know-your-customer (zkKYC) protocol, and the zkMe Network, a proprietary appchain. zkMe shifts zero-knowledge proof (ZKP) generation from server-side to the client-side before on-chain verification, which eliminates the latency issues and data breach risks associated with traditional server-side models and ensures users maintain full control over their data. The zkMe chain then serves to store proofs in a neutral, decentralized layer, creating a trustless, self-sovereign, privacy-preserving bridge between credentials and any blockchain.
"zkMe's client-side approach to identity verification is the first-order correct way to do identity verification and compliance in the MiCA age," said Kyle Samani, Managing Partner at Multicoin Capital. "We are excited to partner with zkMe as they continue to build a decentralized and trustless identity infrastructure for the future of the internet."
"We're incredibly excited to have the backing of Multicoin Capital, OKX Ventures, and Robot Ventures as we enter this next growth phase," stated Alexander Scheer, CEO and Founder of zkMe. "This investment will significantly accelerate the development of the zkMe Network, empowering Web3 users with robust and privacy-centric identity solutions."
Since its inception in December 2022, zkMe's technology has been adopted by over 60 Web3 projects, facilitating over 650,000 consumer attestations. Its diverse clientele includes platforms like Alchemy Pay and Kyberswap, along with prominent launchpads and RWA projects. The zkMe SDK, built on Cosmos and EVM compatible, offers broad chain support with over 20 integrations, making it the most versatile solution in the market. This SDK enables web3 developers to seamlessly integrate self-sovereign identity and verifiable credentials into their applications, ensuring security and privacy while providing tools for creating, managing, and verifying credentials.
"zkMe's reusable KYC solution is a game-changer. By empowering users to control their own digital identity and seamlessly reuse their verified credentials, zkMe is not only enhancing privacy and security, but also streamlining the onboarding experience across the Web3 ecosystem. This is a critical step towards a more efficient and user-friendly decentralized future," said Jeff Ren, Partner of OKX Ventures.
The latest funding round will supercharge zkMe's roadmap, encompassing the decentralization of current products, completion and launch of their appchain.
To learn more about zk.me, please visit https://zk.me/.
About zkMe Technologies
zkMe Technologies is the leading provider of zero-knowledge (ZK) identity verification solutions for Web3 developers. zkMe, the company's flagship product, is a FATF-compliant decentralized identity solution that helps developers build scalable applications that seamlessly comply with new regulatory requirements without compromising user privacy or creating data honeypot risks.
Developers can easily integrate zkMe's Compliance, Anti-Sybil, or User Profiling credentials into their dApps via an SDK or API. For more information, visit www.zk.me.
About Multicoin Capital
Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies. Crypto networks and companies will create trillions of dollars of value over the next decade. But investing in tokens is fundamentally different than investing in companies. New tools, heuristics, and security measures are needed to responsibly invest in this ecosystem. We leverage our deep understanding of blockchain technology and crypto markets to deliver exceptional returns. For more information, visit: https://multicoin.capital.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
CONTACT: Alexander Scheer alex at zk.me
