0xPass Project Raises $1.8 Million for Web3 Security
Date: 2023-09-12 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
The startup 0xPass has completed a preliminary investment round of $1.8 million, Techcrunch reported this with reference to the company.
The funds received will be used to increase the level of security in Web3 and improve the protection of accounts when logging into the system. The investment round was attended by former Coinbase CTO Balaji Srinivasan and a number of funds from the US and Asia: AllianceDAO, Soma Capital, Alchemy Ventures, Blockchain Builders Fund and others.
According to the source, the 0xPass project is working to make storing cryptocurrencies convenient and safe. It allows multiple authentication methods to be built into non-custodial wallets. An analogue of such a platform in Web2 is Auth0 or the password manager 1Password.
The 0xPass project was first presented in the fall of 2022. His presentation coincided with the collapse of the FTX exchange, after which the value of cryptocurrencies fell sharply.
“We tried to create a product that is the exact opposite of FTX,” 0xPass co-founder Krish Chelikavada told TechCrunch.
He said that the 0xPass team is developing an infrastructure whose users have full control over their assets. They are betting on the future of non-custodial wallets and ensuring that users can benefit from simple password management when needed without the involvement of centralized exchanges.
Animoca Brands has raised $20 million to develop the Mocaverse project. Another startup, Story Protocol, received $54 million in investment from Andreessen Horowitz (a16z) and other funds.
