China-based Tencent Veterans building an identity protocol (.bit) on the blockchain has raised $13 million in its Series A funding round led by CMB International, with participation from others.
- The fund will be invested in securing strategic partnerships, developing its user community globally, and hiring new talents.
- Tencent is promoting the use of .bit for decentralized autonomous organizations (DAOs).
- bit-powered identities work just like .eth for Ethereum and it is seen more as an identity solution.
- .bit has gained over 113,000 registered accounts after one year of launch and it now supports Polygon, Tron, Binance Smart Chain, and Ethereum. It aims to be compatible with Bitcoin, Dogecoin, Polkadot, Solana, and others.
- QingSong Fund, GSR Ventures, GGV Capital, and SNZ, a crypto-focused investment firm participated in the round.