Quadrata, a passport network bringing identity, reputation and compliance to blockchain applications, today announced a $7.5 million seed funding round, led by blockchain venture capital firm, Dragonfly Capital.
These new funds will allow Quadrata to grow its ecosystem with the goal of integrating hundreds of dApps and bringing the Quadrata Passport to millions of blockchain users.
Similarly, the funding is aimed at bringing Quadrata into being a global ID solution across multiple blockchains. Additionally, Quadrata has partnered with TransUnion to create a native on-chain reputation score that will reward users for good behavior.
The increase also saw the participation of institutional investors such as Franklin Templeton, Abra, GSR Ventures, Orange DAO, Fellows Fund, GreatPoint Ventures and August Capital. Prominent angel investors include Balaji Srinivasan (FRM Coinbase), Ryan Selkis (Messari), Mathieu Nouzareth (The Sandbox), Zeneca (ZenAcademy), and Wilson Lee (The Littles).
Quadrata NFT Passport
To enable Web3 projects to provide a safer and more secure experience for its users, the Quadrata NFT Passport will host verifiable identity information and compliance assessments using its privacy-preserving and sybil-resistant technology.
This technology aims to help Web3 initiatives such as play-to-earn games, NFT airdrops or token airdrops to mitigate the risk of bots exploiting the transparent nature of the blockchain to get ahead of real users. Ultimately, the goal is to help combat the dilemma of anonymous founders who are potential bad actors.
“Partnering with a native web3 fund was a key consideration during our funding round. Given Dragonfly Capital’s proven success with key industry players, we are delighted to have them as our strategic advisor leading our funding round. We look forward to partnering with Dragonfly to be able to deliver an identity solution that brings maturity to blockchain and decentralized applications.
– Fabrice Cheng, CEO/Co-founder, Quadrata
Quadrata has an extended roadmap for the remainder of the year through 2023, with plans to expand its passport technology to other blockchains, decentralize its network, and rapidly grow its ecosystem by partnering with projects to make on-chain identity available to institutions and users.