MARINA DEL REY, Calif.--(BUSINESS WIRE)--Quadrata, a passport network bringing identity, reputation and compliance to blockchain applications, has announced a $7.5 million seed funding round, led by blockchain-focused venture capital firm, Dragonfly Capital. The raise also saw participation from institutional investors such as Franklin Templeton, Abra, GSR Ventures, Orange DAO, Fellows Fund, GreatPoint Ventures and August Capital. Prominent Angel investors include Balaji Srinivasan (FRM Coinbase), Ryan Selkis (Messari), Mathieu Nouzareth (The Sandbox), Zeneca (ZenAcademy) and Wilson Lee (The Littles).
The funds will allow Quadrata to grow its ecosystem with the goal of integrating hundreds of dApps and offering the Quadrata Passport to millions of blockchain users. The funding should allow Quadrata to become a global ID solution across multiple blockchains. In addition, Quadrata has partnered with TransUnion to create a native on-chain reputation score that will reward users for good behavior.
To allow web3 projects to provide a safer and more secure experience for its users, the Quadrata NFT Passport will host verifiable identity information and compliance review ratings with the help of its privacy preserving and sybil resistant technology. This can aid web3 initiatives such as play-to-earn games, NFT drops or token airdrops to mitigate the risk of automated bots exploiting the transparent nature of Blockchain to get ahead of real users. This technology can also help combat the dilemma of anonymous founders being potential bad actors.
“In the current web3 ecosystem, identity is the holy grail problem that remains unsolved," said Haseeb Qureshi, Managing Partner, Dragonfly Capital. “Many projects are starting to take steps to ensure that their users are real people rather than bots, and Quadrata serves this need. As developers continue bringing utility to web3, Quadrata’s already robust use cases will play an instrumental role in making participating in the technological revolution safer and easier.”
“Partnering with a web3-native fund was a key consideration during our funding round,” said Fabrice Cheng, CEO/co-founder, Quadrata. “Given Dragonfly Capital’s proven success with major players in the space, we are thrilled to have them as a strategic advisor leading our investment round. We look forward to partnering with Dragonfly to be able to provide an identity solution that brings maturity to blockchain and decentralized applications.”
“Solving the identity issue is crucial as the financial services industry increasingly adopts crypto and blockchain technology,” said Kevin Farrelly, VP/Director Digital Assets, Franklin Templeton. “Quadrata is creating a solution to this issue that preserves the anonymity of the blockchain but still provides an extra layer of security. I look forward to seeing how the data passport network will fill that gap in the market and facilitate institutional adoption.”
Quadrata has an expansive roadmap for the rest of the year into 2023, with plans to develop their passport technology to other blockchains, decentralizing its network and rapidly growing its ecosystem by partnering with projects to make on-chain identity available for institutions and users. To learn more about Quadrata, please visit quadrata.com.
Quadrata is a web3 company bringing the identity and compliance layer to decentralized applications on existing public blockchains such as Ethereum. Quadrata’s privacy preserving and sybil resistant technology allows smart contract applications native on-chain access to information such as DID, KYC/AML risk scores and country, as well as credit reputation and accredited investors status in the future. Quadrata spun out from Spring Labs with a continued commitment to developing and promoting blockchain-based technologies. To learn more about Quadrata, visit www.quadrata.com or follow along on Twitter at @QuadrataNetwork.
About Dragonfly Capital
Dragonfly Capital is a global crypto fund that partners with crypto founders in all stages of development, from seed to Series C, to liquid tokens. With an international team and technical research arm, Dragonfly Capital focuses on partnering closely with generational founders and protocols. To learn more about Dragonfly Capital, visit https://dcp.capital.