zkMe Technology Limited Secures $4 Million Seed Funding

Hong Kong-based zkMe Technology Limited, a decentralized identity startup utilizing zero-knowledge technology, has successfully closed a $4 million seed round. The funding was led by Multicoin Capital, with additional backing from OKX Ventures and Robot Ventures, as announced in a statement on Tuesday.

The capital raised will be allocated towards the ongoing development of the proprietary appchain zkMe Network, which is anticipated to launch by the end of this year. zkMe serves as a general-purpose identity layer designed for web3 applications that require identity verification and compliance systems.

Despite the crypto industry’s focus on pseudonymity and financial privacy, it is increasingly evident that exchanges, DeFi protocols, and wallets will need to implement user controls as regulatory bodies formulate new rules and guidelines.

The zkMe Network aims to meet the Financial Action Task Force’s and the E.U.’s incoming MiCA regulations on money laundering and terrorist financing, thereby simplifying compliance processes.

“zkMe’s reusable KYC solution is a game-changer. By empowering users to control their own digital identity and seamlessly reuse their verified credentials, zkMe enhances privacy and security while also streamlining the onboarding experience,” stated Jeff Ren, partner at OKX Ventures.

zkMe’s product suite is available via a software development kit or API and includes tools for user identity verification, anti-spam bot detection, and other security services.

The project was launched in late 2022 and currently counts platforms such as Alchemy Pay, Kyberswap, and several real-world asset projects among its clients.