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.

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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.”

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