Decentralized Identity Protocol .bit has raised $13 million in a Series A funding round led by CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ.
.bit was founded by Tencent veterans Tim Yoeh, Specer Shaw, Jeff Jin, and Kyle Wright. The startup comprises a small team of ten spread across the U.S., China, and Singapore, and most of .bit’s members have extensive experience in Web3 industry.
.bit is a cross-chain decentralized identity protocol launched in July 2021. It currently boasts over 110k accounts and integrated with 100+ wallets and dApps such as Trust Wallet, Torus, TokenPocket, imToken, iToken, BitKeep, AlphaWallet, HyperPay, MathWallet, WePiggy, NFTSCan, NFTGO, Relation, ShowMe, UneMeta, Dtools, Evolution Land, UniPass, Mail3, Link3, Quest3, 0xEcho, Transit Swap, 5Degrees, cc0.network, COCH, SeekDID, DASLA, SuperDID and many others.
As a cross-chain solution, .bit has supported Ethereum, Tron, Binance Smart Chain, Nervos CKB, and Polygon. In the future, the startup said that it will cover all mainstream public chains such as Bitcoin, Dogecoin, Polkadot, Solana, etc., as well as software and hardware devices that support asymmetric encryption algorithms.
.bit mentioned in a press release shared with AlexaBlockchain that its forthcoming features under development include NameDAO, which will assign a portion of .bit protocol revenue to DAOs, and sub-accounts which will be issued to DAO members, brand adopters, and loyal supporters to strengthen web3 communities, and further lower the threshold for registering accounts, 4-9 digits accounts available to 100% and open up 3 digits accounts, which will announce the specific rules on the official Twitter very soon.
The DeFi Startup closed its series A funding one year after its launch.
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