Identity protocol start-up .bit raises $13m

.bit has completed nearly 100 mainstream wallet and decentralised app integrations

Identity protocol start-up                                 
The start-up is currently led by ex-Tencent team members Tim Yeoh, Specer Shaw, Jeff Jin and Kyle Wright – Photo: Shutterstock
                                

Cross-chain decentralised platform .bit has raised $13m (£10.8m) in a Series A funding round to accelerate its platform so it can support a wider range of services across the Web 3.0 ecosystem.

The Series A round was led by CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ. 

Launched in July 2021, the start-up is currently led by ex-Tencent team members Tim Yoeh, Specer Shaw, Jeff Jin and Kyle Wright.

The platform has witnessed strong growth over the past 12 months with more than 38,000 independent addresses registered for more than 110,000 accounts, as well as almost 100 wallet integrations with mainstream platforms including Trust Wallet, Torus, TokenPocket, and others.

Accelerated growth

The firm said its roadmap includes the potential to be widely used as membership and credential management for decentralised autonomous organisations (DAOs), brands and IPs, as well as celebrities and fan communities.

“The emergence of blockchain technology, with the permissionless and irrevocable features, makes it possible for us to truly own and control our data and identities,” said .bit in a blog post.

“Permissionless means that we can own an identity on the blockchain at any time, and no one can stop us; irrevocability means that no one can erase the identity we already have. We will thus realise identity sovereignty, both as individuals and as organisations.”

It plans to roll out new features around cryptocurrency transfer, cross-chain unified platform solutions and decentralised domain resolutions with the new investment.

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