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October 17, 2024 – zkPass, a leading privacy-focused oracle protocol, today announced the successful closure of a $12.5 million Series A funding round. This significant investment, bringing zkPass's total funding to $15 million, will fuel the development and widespread adoption of its groundbreaking zkTLS oracle solution. zkTLS is poised to transform secure data exchange across Web2 and Web3 ecosystems through cutting-edge zero-knowledge cryptography.
The funding round saw participation from a diverse group of prominent investors, including dao5, CE Innovation Capital, Animoca Brands, L2 Iterative Ventures (L2IV), UOB Venture Management, Flow Traders, Amber Group, Leland Ventures, IOBC Capital, Signum Capital, Bing Ventures, MH Ventures, WAGMI Ventures, Taisu Ventures, Ceras Ventures, and GCR. Their collective support underscores the growing recognition of zkPass's potential to reshape how sensitive data is handled and verified in the digital age.
zkTLS: A New Era of Private Data Sharing
zkPass's core innovation, the zkTLS protocol, combines the strengths of Transport Layer Security (TLS) with Hybrid Zero-Knowledge (ZK) technology. This powerful combination enables users to generate Zero-Knowledge Proofs (ZKPs) of their private data directly within their browsers in under a second. These ZKPs allow users to selectively prove aspects of their data, such as identity, financial records, or educational credentials, without revealing the underlying sensitive information. This ensures both privacy and data integrity, addressing critical concerns in today's data-driven world.
"We are excited to back zkPass, a leader in privacy-focused oracle protocols," said Michael Lie, Global Head of Digital Assets at Flow Traders. "By leveraging zero-knowledge technology, zkPass brings secure data verification, privacy, and authenticity to both TradFi and DeFi sectors."
Key Features and Benefits of zkPass:
- Privacy-Preserving: Users can verify information without revealing sensitive details, minimizing the risk of data breaches and misuse.
- Universally Compatible: zkTLS seamlessly integrates with any HTTPS-based website, eliminating the need for complex API integrations.
- Robust Verifiability: ZKPs provide cryptographic proof of data authenticity and integrity, ensuring trustworthiness and preventing tampering.
- Anti-Fraud Capabilities: zkPass safeguards against malicious activities like identity theft and data manipulation.
- High Performance: The Hybrid ZK system enables rapid ZKP generation within browser environments, even on resource-constrained devices.
Real-World Applications and Traction:
zkPass has already demonstrated significant traction, with over 200 schemas from more than 70 verified web data sources currently available on the platform. To date, over 2 million zk attestations have been generated across diverse sectors, including finance, e-commerce, social media, and online education. This widespread adoption highlights the versatility and practical utility of zkPass's technology.
Future Roadmap and Vision:
With the new funding, zkPass plans to accelerate the development and adoption of zkTLS across various use cases, including:
- Decentralized Know Your Customer (KYC): Streamlining identity verification processes while protecting user privacy.
- Undercollateralized DeFi Lending: Enabling access to financial services based on verifiable credentials without exposing sensitive data.
- Secure Healthcare Data Marketplaces: Facilitating the exchange of sensitive medical information with privacy guarantees.
- Decentralized Job Marketplaces: Enabling verifiable skills and experience verification without revealing unnecessary personal details.
"This funding will allow us to accelerate our technology development and focus on driving market adoption," said Bing Jiang, Co-founder and CTO of zkPass. "After over two years of dedicated work, we are excited to bring zkTLS to real-world applications and demonstrate its potential to the broader community."
About zkPass:
zkPass is an oracle protocol that verifies web private data using the innovative zkTLS framework. By combining 3P-TLS and Hybrid ZK technologies, zkPass empowers users to control their data while enabling secure and verifiable data sharing for a wide range of decentralized applications. Learn more at https://zkpass.org/.
Compiled by CMO Intern team
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