One-stop digital ID service Root Protocol raises $10 million in seed funding | CoinDesk JAPAN

Root Protocol, a digital identity service aimed at unifying access to the Web3 platform, has raised $10 million in two seed rounds. Procured.

The funding round was led by Animoca Brands and was backed by Signum Capital, Ankr Network, CMS Holdings, and angel investor Tekin Salimi. Many prominent investors participated, including Mr. Salimi and Mr. Meltem Demirors.

Root Protocol is building the Web3 operating system to act as a digital identity aggregator, making accessing various Web3 platforms a more seamless process, according to an emailed announcement sent to CoinDesk on the 19th. It is said that it will be a “one-stop place to provide all kinds of decentralized identification” for those who want to use their services.

Funding for Web3 projects has declined during the bear market over the past 18 months. This is because investors may have viewed the Web3 project as risky and unproven. Root Protocol’s healthy seed round may be a sign that things are changing.

“Securing $10 million was certainly an achievement for the Web3 project, especially given the challenges many projects faced during the bear market,” a Root spokesperson told CoinDesk. The round attracted significant attention due to the involvement of various investment ventures and long-term relationships with our partners.”

｜Translation and editing: Rinan Hayashi
｜Image: StockSnap/Pixabay
｜Original text: ‘One-Stop Station’ Digital Identity Service Root Protocol Raises $10M Seed Funding