Details

Last Funding Type

Seed

Last Funding Money Raised

$2.60M

Industries

Blockchain,FinTech,Identity Management

Founded date

Mar 1, 2021

Number Of Employee

1 - 10

Operating Status

Active

Legal Name

Lab309 Ltd

cheqd is a Web 3.0 startup founded by an ambitious and experienced team in the field of self-sovereign identity (SSI). SSI is a new paradigm for exchanging trusted digital data related to people, companies, and things in a much more secure and privacy-preserving fashion that puts people in control of their data.

Far too often, digital identity services online are slow, user-hostile, and expensive for businesses to process. It costs anywhere from $10 onwards to verify the identity of people online, and upwards of $100s for corporate entities.

Over the past few years many startups, established ID companies, governments, and non-profits have used decentralised identity to give people more control back of their data and make its use secure and transparent.

BUT...

What is currently missing is an incentives layer for the self-sovereign identity ecosystem, which hampers adoption. We use blockchain to create a decentralised network for digital identity payments. Once we build this, we will build tools to allow digital ID payments agnostic of ledger.

Our initial target segment is B2B, to any companies building products on decentralised ID for people and companies. We will work with these ID companies to integrate verim's digital ID payment rails and network.

Our future roadmap includes plans for enterprise and SaaS software that allows large/mid- cap organisations that want to monetise their digital ID issuance.

Our mission is to make digital identity more accessible, inclusive, and commercially sustainable. Our core product is a blockchain network that makes exchanging and paying for trusted data easy, inclusive, and secure. We built this core on blockchain technology, as we believe no single company should be in control of such critical Web infrastructure.

Our vision is that this new form of digital identity applies beyond just the financial industry and will be transformative for almost every industry sector imaginable. Through our network, anyone can verify identities quickly and securely with the ability for organisations checking the data to be compensated for their work.