Full-service investment company Genesis Block Ventures announces an investment in Litentry, a decentralized identity aggregator that enables linking user identities among multiple decentralized networks.
With a vision to build a user-centric world with blockchain, Litentry enables users to aggregate identities from different blockchains and off-chain platforms, and features an identity matching and identity staking mechanism. As a whole, it consists of decentralized identity and user activity data aggregation infrastructure.
With Litentry, users are offered with one-stop decentralized identity management services and privacy protection; they can get rewards by staking their identity-related data and get profit by selling identity matching opportunities. On the other hand, blockchain projects can offer dedicated graded services according to the identity’s quantified data.
Built on Substrate, Litentry is the first decentralized identity protocol on Polkadot Network. It aims to be the Parachain of Polkadot Network and benefit from the thriving cross-chain ecosystem and shared security. It is also committed to creating new possibilities of integrating on-chain credits to stimulate the extensive innovation of blockchain credit systems, giving more imaginations into fields like DeFi and on-chain governance.
Identity Layer on Polkadot Ecosystem
Within a short span of time since inception, Litentry has established strong partnerships with notable institutions and industry leaders. After receiving the Web3 Foundation Grants in 2019, Litentry completed its seed round fundraising in October 2020, with the backing of more than 13 outstanding venture capitals including FBG Capital, NGC Ventures, LD Capital, among others.
In December 2020, Litentry announced a partnership with Ontology, in a collaboration to integrate Ontology’s bespoke decentralized identity solution, DeID, and DDXF, Ontology’s decentralized data exchange and collaboration framework, into Litentry’s identity aggregation and computation system.
As an investment company with a mission of building the future through blockchain, Genesis Block Ventures has built a wide-reaching, vibrant blockchain ecosystem, and has grown a thriving network to form an effective ecosystem for all aspects of blockchain, crypto, and DeFi projects.
Through the investment, Genesis Block Ventures will help further expand Litentry’s opportunities in the DeFi space. We are delighted to participate in Litentry’s exciting journey to optimize the infrastructure of a decentralized identity system and build a global community!
Founded in 2019 by former Parity Technologies software developer Hanwen Cheng, Litentry is a decentralized identity aggregator that enables linking user identities among multiple decentralized networks. Litentry provides a trustable way for dApps to obtain real-time DID data of an identity owner across multiple blockchains and dApps.
Featuring a DID indexing protocol and a Substrate-built, distributed DID validation blockchain, Litentry provides a decentralized, verifiable identity aggregation service that removes the redundancy of code and the hassle involved in resolving agnostic DID mechanisms. Everyone can build and submit DID methods to Litentry, making identity data easily accessible in the Web3.
About Genesis Block Ventures
Genesis Block Ventures (GBV) is a full-service investment company closely working with Genesis Block HK, Asia’s leading digital asset over-the-counter (OTC) trading center.
As a private investment company with a mission of building the future through blockchain, Genesis Block Ventures is an active participant in the DeFi revolution, and has grown a thriving network to form an effective ecosystem for all aspects of blockchain, crypto, and DeFi projects.