Web3 identity firm zkMe raises $4m in seed funding

zkMe Technology Limited has closed a $4 million seed funding round led by Multicoin Capital, with participation from OKX Ventures and Robot Ventures.

According to the company’s statement, the funds will support the development of zkMe Network, a decentralized authentication layer for Web3 applications that is expected to be released later this year.

In the face of increasing regulatory scrutiny, particularly due to the upcoming EU MiCA regulations and the Financial Action Task Force, zkMe aims to provide a compliance solution for Web3 developers.

Privacy and security

The ZkMe Network will offer a neutral identity layer that integrates know-your-customer and know-your-transaction protocols while protecting user privacy with zero-knowledge proofs.

In Web3 and crypto, KYC involves verifying user identities to prevent fraud and comply with regulations, while KYT aims to monitor transactions to detect illegal activities. Both are important for ensuring security and compliance in the crypto space.

Introduced as the world’s first FATF-compliant zero-knowledge KYC protocol, the zkMe Protocol allows client-side ZKP generation prior to on-chain verification. This approach reduces latency and increases data security, giving users full control over their information.

Since its inception in December 2022, zkMe’s technology has been used in over 60 Web3 projects and facilitated over 650,000 consumer attestations.

The company’s SDK supports over 20 blockchain integrations, making it a versatile solution for developers. The latest funding will accelerate zkMe’s development roadmap, launch its application chain, and decentralize existing products.