Exclusive

Pseudonymity startup Big Whale Labs raises $3.8 million seed round 

Quick Take

  • Big Whale Labs is building an open-source privacy focused protocol that lets users create pseudonymous wallets.
  • The fully-remote team just raised $3.8 million, bringing the startups total raised to $4.4 million.

Big Whale Labs, a startup building a social protocol to facilitate pseudonymity through zero knowledge and crypto, exclusively told The Block that it has raised $3.8 million in a Seed round.

The round was led by M13 and Road, with participation from Slow Ventures, C2, Goodwater, Panache, NFR, and angel investors Balaji Srinivasan (ex-CTO of Coinbase) and Roman (founder of Tornado Cash), along with others.

The social protocol lets people better manage their interactions online and aims to build trusted relationships through verifiable accounts. 

Blockchains such as Ethereum are public ledgers, which means transactions are visible for others to see. If someone knows who a wallet address belongs to, they can see its transaction history and continue to keep track of its transactions, such as which non-fungible tokens (NFTs) they have bought and what decentralized autonomous organizations (DAO) they have joined.

Pseudonymity – and whether or not high profile people should reveal their identity – is a hot topic in crypto. From the founders of Bored Ape Yacht Club NFT franchise, to the controversies surrounding the real identity of DeFi protocol Wonderland, it's hard not to acknowledge that credentials matter.

Big Whale Labs' project SealCred will be an open-source privacy-focused protocol that lets users create pseudonymous wallets – that are verified – to transfer social capital from one wallet to another.

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