Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
SPACE ID, a startup building a universal name network for decentralized identities, has raised $10 million in a strategic funding round led by crypto investment firms Polychain Capital and dao5. The funding will be used toward developing the network, hiring and new products, according to a Medium post.
The concept of a traceable decentralized identity has implications in decentralized finance (DeFi) loans, which are typically over collateralized due to the lack of identity and credit score. The concept could also come into play with future crypto regulations.
SPACE ID launched its .bnb Domain Public Registration last September and has since gained 370,000 registrations and 175,000 unique domain holders, according to the company. Last week, the startup announced a merger with peer ARB ID, which will launch an .arb domain pre-registration soon.
“Universal naming service is a fundamental component of widespread crypto adoption, and the SPACE ID team sits at the forefront of a cutting-edge version,” said Poylchain Capital investor Luke Pearson in the post. “By facilitating the union between identity, privacy, and sovereignty within Web3, SPACE ID allows users to retain their personal identity whilst providing a human-readable address to interact with digital networks.”
Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
DISCLOSURE
Please note that our
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
which invests in
and blockchain
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.