Binance Labs backs privacy-focused zkPass protocol

The zkPass privacy-preserving protocol attracted $2.5 million in seed funding.

The round featured participation from Binance Labs, Sequoia China, OKX Ventures, dao5, Susquehanna International Group, Cypher Capital, Leland Ventures and Blockchain Founders Fund.

zkPass is built on several technological strands:

• zero-knowledge proofs;
• confidential computing protocol;
• TLS.

The new solution enables users to reveal personal data on websites without uploading documents themselves.

zkPass can be used in decentralized-identity systems, privacy-focused data marketplaces, and DeFi services that rely on off-chain sources.

The project is part of Binance Labs’ incubation program. The funds will go toward developing a testnet, currently in the pre-alpha stage. There are 190,000 users on the waitlist for the new solution.

Last month, the venture arm of the world’s largest crypto exchange invested $10 million in the Radiant Capital lending protocol.

Earlier, Binance Labs invested $4 million in the Web3Go startup, focused on intelligent data analytics.