zkPass Secures $2.5M in Seed Funding to Safeguard User Privacy and Data

PRESS RELEASE

NEW YORK, Aug. 8, 2023 /PRNewswire/ -- In an affirming development, zkPass, a pioneer in privacy-preserving solutions, has successfully raised $2.5 million in a seed funding round. The impressive roster 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.

Utilizing an innovative combination of three key technologies: zero-knowledge proofs, multi-party computation, and three-party transport layer security, zkPass empowers users to disclose personal data without exposing or uploading the actual documents. This cutting-edge technology opens up new avenues in areas such as decentralized identity passes, privacy-centric healthcare data marketplaces, and DeFi protocols utilizing off-chain data for credit applications.

The funds will be channeled towards advancing the development of zkPass's pre-alpha testnet, which has already garnered 190,000 signups on its waitlist. Binance Labs played a crucial role in incubating the project, helping shape its direction and growth.

Aly Madhavji from Blockchain Founders Fund commented, "At a time when personal data security is paramount, zkPass is championing a revolution in privacy preservation. We are thrilled to support their innovative approach that stands to redefine how personal information is managed online. The immense interest in their pre-alpha testnet is a testament to the potential of this technology, and we eagerly anticipate the continued success and innovation from the zkPass team."

About zkPass

zkPass is a privacy-preserving protocol for private data verification. It is built on the foundation of Multi-Party Computation (MPC), Zero-Knowledge Proofs (ZKP), and three-party Transport Layer Security (3P-TLS). zkPass provides TransGate, which enables users to selectively and privately validate their data on any HTTPS website to the web3 world. It can cover various data types such as legal identity, financial records, healthcare information, social interactions, work experience, education and skill certifications, etc. All these types of verifications can be done securely and privately without the need to disclose or upload any sensitive personal data to third parties.