Root Protocol Raises $10 Million at $100M Valuation to Build a User-based Operating System and Mission Control for Web3
Root Protocol: The One Portal to Any Account, Any Chain, and Any Dapp.
New York, NY – 24/01/2024 – (SeaPRwire) – Recently, Root Protocol announced the close of $10M in funding across two rounds, bringing the total valuation of the project to $100M.
The funding rounds, which gave Root Protocol a $100 million valuation, were led by Animoca Brands and included contributions from a slew of other notable investors, including Shima Capital, DFG Group, Signum Capital, Ankr Network, Digital Strategies, CMS Holdings, Double Peak, GenBlock Capital, Cypher Capital and Basics Capital. New investors announced are Dao5 and Gate Labs Ventures.
The founding team members, collaborators and advisors of Root Protocol are from Consensys, Bankless Ventures, Ontology, Polygon, CoinShares, Morgan Stanley, DCG, Stanford University and MIT, and are a group of longtime crypto and Web3 builders and enthusiasts. Highlighted Advisors and Angels include Meltem Demirors, Evin McMullen, Ben Lakoff, and Tekin Salimi.
Root Protocol’s raise comes as the market sees renewed interest into decentralized identity protocols, especially those that saw high growth during the bear market: Root Protocol’s B2C product, Isme.is, has almost 500,000 unique and human readable .isme (e.g. satoshi.isme) DID accounts claimed and over 250,000 verified (via social linkages) DID accounts active.
“We are confident in the vision of data sovereign individuals and so are our great investors and collaborators. Just like the traditional banking model had been revolutionized by crypto, the dominant web2 platform model will be revolutionized by DIDs, blockchain technology, and users having data sovereignty and data leverage-ability, whether on-chain or off-chain. Thankfully, some of the key building blocks are now well in place for us to achieve this fully: Our new architecture built on the top of Layerzero (interoperability) and Celestia (Rollup & DA). Root Protocol is the root of Web3.”,CEO and Co-Founder Dylan Dewdney
According to CoinDesk “Funding in Web3 projects saw a decline during the bear market of the last 18 months as they were possibly seen as risky and unproven by investors. Root Protocol raising a healthy sum at the seed stage may then be a sign that things have changed.”
This fresh capital will help Root Protocol in their new, more comprehensive vision of building an operating system with the composition of an intent-centric aggregator of digital identity, social network, and more, to enable unified access to Web3. It consists of four main components, including the Root Operation Executor, Root Chain (Rollup), Root Account, and Root Indexer, all of which operate together to facilitate effortless interoperability, scalability, and composability. They believe that most of the complexities of an any online experience that utilizes web3 technologies can be abstracted away at the user account level, where they can have a UI and UX that is tantamount to a Web3 back-ended, data sovereign, and individual mission control type of setup.
At the highest level, Root Protocol wants to put you in full control of your digital identity and become a one-stop station for all things decentralized identity for the next billion users engaging with the new architecture of the internet — Web3.
Media Contact
Company: Root Protocol
Contact: Media Team
Email: [email protected]
Website: https://root.xyz/
SOURCE: Root Protocol
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