Rarimo secures $2.5m for ZK identity protocol with backing from Vitalik Buterin

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As a seasoned analyst with over two decades of experience in the tech and blockchain industry, I’ve seen my fair share of promising projects come and go. However, Rarimo’s recent funding round, backed by none other than Ethereum co-founder Vitalik Buterin, has certainly piqued my interest.

Rarimo, a system for maintaining privacy in digital identities, recently received a $2.5 million investment, with support coming from one of the co-creators of Ethereum, Vitalik Buterin.

With a fresh infusion of $2.5 million, the interoperability protocol for social identity known as Rarimo intends to speed up its development of a decentralized digital identity system, aligning with the growing trend towards user-centric systems in web3.

Announcing the Rarimo Vision Round: A fundraising round exclusively for founders!

— Rarimo (@Rarimo_protocol) November 27, 2024

On November 27th, in a discussion about X, Rarimo emphasized their interest in utilizing zero-knowledge wrapping proof-of-personhood techniques. This allows users to authenticate crucial aspects of their identity while keeping sensitive personal information confidential.

Rarimo’s approach, which involves concealing personal identity while verifying essential details about one’s identity using zk-wrapping techniques and then developing apps based on these proof-of-personhood methods, offers a dual benefit. This method allows individuals to confirm significant facts about their identity without revealing sensitive information.

Vitalik Buterin

Rarimo to expand web3 identity ecosystem

The precise moment for obtaining funds is important since Rarimo intends to boost accessibility by transitioning to Ethereum as a roll-up, with the transition anticipated to take place around early 2025, although a specific date hasn’t been set yet.

Further development of Rarimo’s private self-custody digital wallet, known as RariMe, will persist. This wallet is seen as a competitor to Worldcoin’s identity solutions, empowering users to keep their personal data confidential while producing zero-knowledge proofs for identity verification purposes.

Established in 2021, Rarimo focuses on solving compatibility and asset flow challenges within decentralized identity networks. The company’s service provider, Rarilabs, secured a Series A funding of $10 million in 2022, giving the company a valuation of $100 million.

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2024-11-27 17:16