Binance Labs, Sequoia China and others invest $2.5 million in zkPass

Quick Take

  • Binance Labs, Sequoia China and others invested in zkPass.
  • zkPass uses three types of technology to ensure high levels of privacy.

Privacy preserving protocol zkPass raised $2.5 million in a seed funding round.

Investors included Binance Labs, Sequoia China, OKX Ventures, dao5, SIG DT Investments — a Susquehanna International Group company — Cypher Capital, Leland Ventures and Blockchain Founders Fund.

zkPass uses a combination of three types of technology: zero-knowledge proofs, multi-party computation and three-party transport layer security. This gives users the ability to disclose personal data on any website without revealing or uploading the documents themselves.

The technology can be used for concepts like decentralized identity passes, privacy-based healthcare data marketplaces and DeFi protocols that use off-chain data for credit applications.

The funding will support development of its pre-alpha testnet, which has 190,000 signups on its waitlist. The project was incubated by Binance Labs.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.