" class="no-js "lang="en-US"> .bit Raises $13M for Cross-Chain Decentralized Identity Protocol
Thursday, March 28, 2024

.bit Raises $13M for Cross-Chain Decentralized Identity Protocol

.bit has raised $13 million to build a cross-chain decentralized identity protocol. The Series A round, completed one year after the startup’s launch, was led by CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ

.bit’s open-source blockchain protocol will provide permissionless decentralized identification for individual users and DAOs. Over the past 12 months, the project’s user and developer communities have experienced strong growth. Almost 100 mainstream wallets and dApps have already integrated with .bit and more than 38k independent addresses have registered for more than 110k .bit accounts.

In the web2 era, social profiles are stored on centralized databases by tech giants who can revoke access or alter data at will. Accounts may be blocked or deactivated at any time, leading to censorship and de-platforming. Utilizing web3 technology .bit will empower individuals to truly own and control their data. Users will enjoy identity sovereignty, both as private persons and as corporate entities.

Initial applications for .bit’s decentralized identity protocol include Cryptocurrency transfer, decentralized domain resolution, personal profile display, etc. It is expected that .bit will eventually be used as membership and credential management for DAOs, brands and IPs, celebrities and fans, clubs and communities.

Further use cases for .bit’s decentralized identity product include supporting the one billion citizens who lack legal identification. This makes it impossible for them to prove their identity, obtain basic government benefits or healthcare, enroll in education, or exercise their right to vote.

As a cross-chain solution, .bit has supported Ethereum, Tron, Binance Smart Chain, Nervos CKB, and Polygon. In the future, .bit 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.

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.

Read more breaking stories in Fintech & Finance news here

  1. Marco Santos to Become CEO of GFT Technologies SE Read more
  2. PayPal Plans to Appoint Carmine Di Sibio to Board of Directors  Read more
  3. Yapily Named a Supplier on Crown Commercial Service’s Open Banking DPS Framework Read more
  4. allpay Appointed as Official Supplier on Crown Commercial Service’s Open Banking and Fund Administration & Disbursement Services Dynamic Purchasing Systems Read more
  5. Oliver Wyman Announces Mariya Rosberg as Americas Head of Banking and Financial Services Practice Read more