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Identity passport network Quadrata has raised $7.5 million in its seed funding round. The round was led by Dragonfly Capitals and saw participation from several investors, including Franklin Templeton, Abra, and GSR Ventures. August Capital, Fellows Fund, GreatPoint Ventures, Orange DAO, and several angel investors were also featured in the round.
Quadrata before Its Seed Round
Quadrata launched its Web3 passport network in March 2022. Afterward, the firm raised $145,360 in its pre-seed round. In April, it added a team of strategic advisors, to provide the needed industry expertise. The firm is looking to solve the digital identity problem in the web3 space.
CEO and co-founder of Quadrata, Fabrice Cheng, stated that there was no need for multiple verifications for on-chain activity. “We’re trying to bring the digital identity of the future,” he concluded. Through its Quadrata Passport, it will receive and store identity, compliance and reputation-based data.
Using the funds, the Web3 identity passport network will seek to expand its ecosystem by integrating with several Dapps. Additionally, it will expand to multiple blockchain networks and increase its staff strength. Also, Quadrata has partnered with TransUnion to create on-chain reputation scores for blockchain users.
Managing partner at Dragonfly Capital, Haseeb Qureshi, noted that identity is the unsolved problem of the current Web3 ecosystem. “Many projects are starting to take steps to ensure that their users are real people rather than bots, and Quadrata serves this need.”
Quadrata Offers and Use Cases
Qureshi believes that Quadrata will be pivotal in ensuring a smoother and easier transition into web3 for many users. Apart from launching the passport product and the expansion moves, the firm also plans to incorporate more identifiers into its identity kit.
The passport product grants users a unique decentralized identity (DID). It can also provide Dapps with infrastructure that’ll aid compliance with regulations, like know-your-customer (KYC) and anti-money laundering (AML) requirements.
VP/Director of Digital Assets at Franklin Templeton, Kevin Farrelly, said that “Quadrata is creating a solution to this issue that preserves the anonymity of the blockchain but still provides an extra layer of security.”
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