Web3 Id Resolution Nametag Secures Seed Spherical Led by OKX Ventures and GSRV

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Fast take:

Nametag has introduced a $2 million seed spherical co-led by OKX Ventures and GSRV.The corporate is constructing a web3 identification resolution to assist customers handle their very own identities on-line.Web3 IDs leverage trustless communications to authorise transactions with out events having to disclose key private info.

Nametag has turn out to be the most recent web3 startup to leap on the decentralised identification prepare. The “social profile” supplier is creating a web3 ID resolution that can assist customers to transact on-line with out revealing key private info.

The corporate has accelerated the event of its decentralised ID resolution with the announcement of a $2 million seed spherical backed by main web3 enterprise corporations. 

OKX Ventures and GSRV led the spherical, with participation from Coinbase Ventures, Alchemy Ventures, Proceed Capital, Masks Community, Challenge Galaxy, Cryptodog, Spencer Yang and Wesley Fei.

Launched in June 2021, Nametag describes itself as a “Social Profile” that folks can use to showcase their digital collectibles and achievements throughout a number of platforms. 

“We all know that folks have been accumulating digital items for a very long time, and we’re proud to be the profile that lets them share these items universally,” mentioned Victor Cheng, co-founder of Nametag.

The answer helps individuals management their very own digital identities, enabling them to decide on what info to share on a specific platform with out affecting their means to make use of the platform.

The corporate claims to have already got onboarded 50,000 customers to its digital identification resolution, which is obtainable as an internet extension. In keeping with Nametag, the corporate is poised to onboard as much as 100 million new customers into the world of crypto.

The answer has a gamified attribute that carries metadata together with sport rank, names of A-list followers and on-line exercise.

The corporate thinks on-line platforms ought to concentrate on implementing multi-factor identities over passwords and multi-factor authentication. MFI goes past verifying units, commented Nametag CEO, Aaron Painter, including that it is not uncommon to know the precise identities of individuals on-line.

Then again, Jeff Ren, head of OKX Ventures commented: “By leveraging interoperability, creativity, and identification, Nametag is opening new doorways for customers to hitch the metaverse with decentralized social profiles. We look ahead to serving to Nametag scale to tens of millions of crypto customers.”

Nametag’s social profile instrument joins a rising record of corporations seeking to supply privateness options for the subsequent iteration of the net. In October, Pocket book Labs wrapped up a $3.3 million seed spherical to construct a web3 identification protocol powered by zero-knowledge proofs. Only a few days earlier than, JPMorgan’s blockchain unit Onyx introduced its web3 identification resolution that goals to allow individuals to retailer, share and examine all their digital belongings in a single place.

And in November, Carv accomplished a $4 million fundraising at a $40 million valuation to develop a web3 identification resolution for web2 and web3 gaming markets. A couple of week earlier, IriTech teamed up with Indian software program agency Integra Micro Techniques and the South Korean Institute of Blockchain Expertise (IBCT) to launch a decentralised smartphone pockets secured with iris biometrics.

The corporate mentioned the pockets might be used as a proof-of-concept for securing private knowledge in web3.

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