This investment will support zkMe Network, which is developing a decentralized authentication layer for Web3 applications. According to the company’s statement, zkMe Network is planned to be released at the end of this year.

With regulatory pressures increasing over time, especially the European Union’s upcoming MiCA regulations and inspections from global regulatory bodies such as the Financial Action Task Force (FATF), zkMe aims to provide compliance solutions to Web3 developers.

zkMe Network will provide a neutral identity layer that integrates customer recognition (KYC) and transaction recognition (KYT) protocols while protecting user privacy. In this way, users’ personal data will be protected and transactions will be carried out securely by using zero-knowledge proofs.

In the world of Web3 and crypto, KYC involves verifying user identities in order to prevent fraud and comply with regulations. KYT, on the other hand, monitors transactions to detect illegal activities.

Both protocols are critical to ensuring security and compliance in the crypto space. However, KYC and KYT processes can often be complex and time-consuming. zkMe offers innovative solutions to make this process more efficient.

zkMe Protocol is introduced as the world’s first FATF-compliant zero-knowledge KYC protocol. This protocol allows client-side zero-knowledge proofs (ZKP) generation before on-chain verification.

This approach reduces processing latency and increases data security, giving users full control over their personal information. Zero-knowledge proofs allow users to verify their identity privately, which increases the security of the protocol.

Founded in December 2022, zkMe’s technology has been used by more than 60 Web3 projects since its inception and has achieved more than 650,000 consumer verifications.

This demonstrates zkMe’s wide influence in the industry and the number of endorsements provided by users. The SDK offered by the company supports more than 20 blockchain integrations, providing a flexible and versatile solution for developers.

The latest funding will be used to accelerate zkMe’s development roadmap, launch the application chain, and decentralize existing products. These investments will enable zkMe’s technology to reach a wider user base and strengthen its role in the crypto ecosystem.

These steps of the company aim to reinforce its position in the sector with its innovative solutions in decentralized authentication and transaction security.