Tencent Veterans, a China-based blockchain identity protocol (.bit) developer, has raised $13 million in a Series A funding round led by CMB International, with participation from others. The Ethereum Name Service (ENS) is the most visible player in the blockchain naming system space today, with .eth becoming more common in Twitter names. While .bit sees ENS as a competitor, it bills itself as an identity solution provider rather than a domain service. Furthermore, Tim Yeoh, one of the co-founders of .bit, stated that his company offers a “neutral” and “chain-agnostic” solution, whereas .eth only interacts with Ethereum.115m series 95m tencent 185mdillettechcrunch.
The startup intends to use the funds to expand partnerships, build its global user community, and hire, while keeping the team small and nimble. According to Yeoh, the company’s next goal is to promote the use of .bit for decentralized autonomous organizations (DAOs). Every DAO member is given a .bit account and can use that piece of identity to vote on the organization’s decisions. One year after its inception, .bit has registered over 110,000 accounts, with approximately 38,000 crypto addresses associated with them. The identity protocol now supports Polygon, Tron, Binance Smart Chain, and Ethereum, with plans to add support for Bitcoin, Dogecoin, Polkadot, Solana, and other cryptocurrencies in the future. The protocol has been integrated with nearly 100 wallets and dApps in total. The brand does see growth. Hence, one of the leaders feel that in future they will do wonders. This does tell a lot about the growth they are taking and how it will make an impact in the very best way. This does show the art of technology in the very best way and then shine in a creative way.
The startup is led by four co-founders who were colleagues at Tencent — Tim Yoeh, Specer Shaw, Jeff Jin, and Kyle Wright — and consists of a small team of 10 people spread across the United States, China, and Singapore. It already has users in 180 countries, but Yeoh wants the company to expand into Africa and South America, where a large proportion of the population is still unbanked due to a lack of government documentation. The company is happy with the growth and sees even a better result in future. This does tell the growth they have made and the plans they are having in the very best way.
“A person who does not have an official ID can get a.bit account, bypass the government, and begin using a variety of apps,” the founder proposed. “If a person contributes to a DAO, that contribution can be reflected on their.bit profile.” Certificates are no longer required.”
.bit, like .eth, is gradually gaining traction among crypto adopters on some established internet platforms. People are adding the .bit suffix to their names on Jike, a social network popular among China’s tech workers, venture capitalists, and web3 enthusiasts, even if they haven’t registered an account with the platform. “They’re dealing with it as a form of social cachet,” Yeoh explained.