Binance Labs Invests in zkPass for Private ID Verification4. June 2023
• Binance recently announced the winner of its metaverse-based Web3 reality show, “Build the Block”: zkPass, a decentralized identity verification solution.
• Four other contestants also received investment offers from Binance Labs, including Mind Network, Kryptoskatt, Bracket Labs and dappOS.
• Swiss nonprofit Anoma has raised $25 million to build a generalized “intent-centric” blockchain architecture.
Binance Announces Winner of Build The Block Reality Show
Crypto exchange Binance has announced the winner of its metaverse-based Web3 reality show, “Build the Block.” Startups competed in the competition to win an investment from Binance Labs. The winner was zkPass, a decentralized identity verification solution that preserves privacy and relies on multiparty computation and zero-knowledge-proof technology. Joshua Peng, co-founder of zkPass said that this investment will help them build a decentralized infrastructure. Yibo Ling, chief business officer at Binance said they are looking forward to seeing the growth of the competition’s winner.
Other Contestants Receive Investment Offers
Four other contestants also received investment offers from Binance Labs: Mind Network (a decentralized privacy-preserving data lake), Kryptoskatt (which simplifies Web3 finance), Bracket Labs (a DeFi platform creator) and dappOS (an operating protocol).
Anoma Raises $25 Million for Blockchain Architecture
In other news, blockchain protocol Anoma has secured funding to continue developing its architecture. On May 31st they raised $25 million to build a generalized “intent-centric” blockchain architecture which provides better composability and ease of use when compared with existing smart contract protocols.
Why ID Verification is Important
Identity verification is important for security purposes as it helps verify that users accessing applications or services are who they say they are. This is especially important in cryptocurrency exchanges as it helps protect users’ funds by preventing fraudsters from accessing their accounts. Furthermore, identity verification also helps ensure compliance with anti money laundering regulations which require companies to know their customers before providing services or products to them.
Binance’s Build The Block contest demonstrated how startups can leverage advances in Web 3 technologies like multiparty computation and zero knowledge proofs to develop innovative solutions for identity verification using blockchain technology. Anoma’s recent fundraising round further highlights increased interest in developing blockchain architectures that are more secure and easier to use than existing ones while providing improved scalability for various applications such as DeFi platforms or digital asset exchanges