Root Protocol Secures $10M Seed Funding for Digital Identity Service

• Root Protocol Secures $10 Million in Funding to Streamline Digital Identity Services for Web3 Platforms
• Root Protocol: The Web3 Identity Aggregator
• Funding Trends in the Web3 Space
• Related News: Tune.FM Secures $20M for Web3 Music Platform

Root Protocol Secures $10 Million in Funding to Streamline Digital Identity Services for Web3 Platforms

Root Protocol, a digital identity service provider for Web3 platforms, has successfully raised $10 million in a dual seed funding round. This significant financial boost gave Root Protocol a hefty $100 million valuation. The leading orchestrators of the funding rounds were Animoca Brands, but other prominent investors were also involved, such as Signum Capital, Ankr Network, CMS Holdings, and individual investors Tekin Salimi and Meltem Demirors.

Root Protocol: The Web3 Identity Aggregator

The core focus of Root Protocol is to construct a Web3 operating system that will function as a digital identity aggregator. The proposed system aims to be a unified hub for all decentralized identity matters, which will streamline access to various Web3 platforms. This development was unveiled in a recent announcement circulated amongst media outlets last Friday.

Funding Trends in the Web3 Space

Over the past 18 months, a bear market has led to a decrease in funding for Web3 projects, as they were perceived as potentially risky and untested by investors. However, Root Protocol's successful seed stage funding suggests a shift in investor sentiment.

A representative from Root Protocol stated that securing $10 million was an impressive achievement for a Web3 project, given the hurdles many similar ventures encountered in bear markets. The spokesperson attributed the investment success to the involvement of multiple investment ventures and long-lasting relationships with partners.

Related News: Tune.FM Secures $20M for Web3 Music Platform

In other recent Web3 news, Tune.FM, a music platform based on the Hedera$0.089 -1.07% network, raised $20 million to build a more artist-friendly Web3 music platform.

Edited by Jonathan Stoker