Binance announced last Friday (2) zkPass as the winner of the reality show Build The Block, the first such programming in the metaverse.
During the journey, Web3 startups competed for investment from Binance Labs, the venture capital arm of the broker.
The program awarded the company zkPass after the founding team received the most votes during the entire competition, which included seven episodes and 12 finalist projects.
Binance invests in decentralized identity platform for Web3 that won reality show in metaverse
zkPass is a decentralized and privacy-preserving identity verification solution provider for the Web3, based on Multi-party Computation (MPC) and Zero-knowledge Proof (ZKP) technology.
zkPass aims to provide a secure and privacy-protective identity verification solution for web3 applications using the latest cryptographic technology.
According to Binance Chief Business Officer Yibo Ling and one of the Build The Block judges, they expect the solution to grow to encourage decentralized societies.
“At Binance Labs, we seek to lay the foundations for sustainable ecosystems that enable scalability, especially those enabled by zero-knowledge proof techniques. We look forward to seeing zkPass grow as they continue to encourage decentralized societies.”
Joshua Peng, co-founder of zkPass, believes that the investment received by Binance can further grow his business.
“Not only are we thrilled to have been part of the first pitch in a live metaverse series, but we are especially honored to win Build The Block and have the opportunity to work more closely with Binance Labs. This investment greatly assists us on our journey to become the infrastructure of this decentralized world.”
Other investments made by Binance
In addition to zkPass, four other major Build The Block participants received investment from Binance Labs. Finalists included Mind Network, Kryptoskatt, Bracket Labs, and DappOS, selected from more than 900 apps to participate in the program.
One of the companies invested in is the Mind Network, a fully encrypted network built on a proprietary Adaptive Fully Homomorphic Encryption (FHE) framework to protect all user data, smart contracts and AI on the web3. It is primarily deployed as a decentralized data lake that preserves privacy and provides powerful “Pay as You Go” encrypted data storage and computing.
Kryptoskatt simplifies Web3 financing for customers around the world with a wide range of solutions including accounting, portfolio management and tax filing. Supporting over 2,000 DeFi protocols, over 100 exchanges and wallets, and over 50 blockchains, Kryptoskatt is the one-stop shop for all your financial needs on the web3.
In addition, Bracket Labs develops structured products that leverage the blockchain with simple interfaces and innovative, adaptive pricing to dramatically improve usability. Bracket Labs launched the BracketX.fi platform, which helps traders quickly take advantage of volatility in both market conditions and trends.
Ultimately, DappOS is a company focused on building a control protocol to lower the barriers to entry for Web3 applications. DappOS focuses on creating solutions that improve the usability and accessibility of Web3 applications, with a particular focus on lowering barriers to entry for users.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
