Outside Source
Rarimo, a zero-knowledge identity protocol, has secured $2.5 million in funding, with backing from Ethereum co-founder Vitalik Buterin.
With $2.5 million in new funding, interoperability protocol for decentralizing social identity Rarimo now wants to accelerate its pursuit of a decentralized digital identity model as web3 moves toward more user-owned systems.
In an X thread on Nov. 27, Rarimo highlighted its focus on zk-wrapping proof-of-personhood methods, enabling users to verify important facts about their identity without disclosing full personal details.
“Rarimo’s identity model of zk-wrapping existing proof-of-personhood methods and building applications on top, allowing users to prove important facts about who they are without fully disclosing their identity, is a promising strategy to achieve both goals at the same time.”
Vitalik Buterin
Rarimo to expand web3 identity ecosystem
The timing of the funding is crucial as Rarimo plans to enhance accessibility by migrating to Ethereum as a roll-up, with the migration expected to occur in early 2025, though no exact date has been confirmed.
Additionally, Rarimo will continue to develop its self-custody wallet called RariMe — viewed as a rival to Worldcoin’s identity solutions — which allows users to store personal data privately and generate zero-knowledge proofs for identity verification.
Founded in 2021, Rarimo aims to tackle interoperability and liquidity issues across blockchain-based identity systems. Its service provider, Rarilabs, raised $10 million in a Series A round in 2022, valuing the firm at $100 million.
This article first appeared at crypto.news
