Root Protocol, a new blockchain-based venture that provides a virtual identity service to streamline access to Web3 platforms, has secured over $10 million in funding through two distinct seed rounds. The Protocol shared the announcement of this significant milestone in a post on their Medium microblog on January 19, 2024.
The funding initiative, led by Animoca Brands, resulted in a $100 million valuation for Root Crypto Protocol. It also attracted substantial contributions from notable investors, including Ankr Network, CMS Holdings, Signum Capital, and angel investors such as Meltem Demirors and Tekin Salimi.
Root Protocol, as outlined in its whitepaper, aims to address challenges related to data fragmentation, interoperability across diverse ecosystems, and complex user interfaces within the Web3 landscape. The project envisions creating a user-friendly and intent-centric Web3 ecosystem while ensuring a seamless and consistent user experience across various Web3 projects.
The four primary components of Root Protocol’s intent-centric platform include the Root Chain (Rollup), the Root Operator Executor, the Root Indexer, and the Root Account. These components are strategically designed to facilitate smooth scalability, composability, and interoperability.
As outlined in their post, the project’s recent development unveils a broader vision, encompassing account abstraction to provide users with an expansive and invisible Web3 experience.
Root Protocol takes pride in its commitment to empowering over 1 billion users with complete control over their digital identity using the internet’s architecture. This initiative marks a significant stride towards fostering a more user-centric and accessible Web3 ecosystem.
Notably, the past 18 months witnessed a considerable downturn in the Web3 space, with investors expressing reluctance due to perceived risks. However, the fact that Root Protocol has secured a substantial sum at its seed stage may indicate a shifting sentiment and renewed confidence in the market. This development aligns with a global resurgence of interest in cryptocurrency, with investors anticipating an upcoming bull market.
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