Root Protocol, a pioneering digital identity service aimed at simplifying access to Web3 platforms, has successfully raised $10 million across two seed funding rounds. Led by Animoca Brands, these funding rounds have placed Root Protocol at a notable valuation of $100 million, marking a significant milestone for the ambitious project.
The funding rounds stood out not only for the substantial amount raised but also for the diverse group of participating investors. Animoca Brands took the lead, showcasing its confidence in Root Protocol’s potential.
The funding consortium expanded with contributions from respected organizations and individuals such as Signum Capital, Ankr Network, CMS Holdings, and leading angel investors Tekin Salimi and Meltem Demirörs.
Root Protocol aims to be more than a digital identity service by developing a comprehensive operating system to become a cornerstone of Web3. This system will function as a digital identity aggregator, positioning itself as a one-stop-shop for all things related to decentralized identity. The ultimate goal is to enhance user experience by providing seamless access to various Web3 platforms.
Despite a downturn in funding for Web3 projects over the past 18 months, largely attributed to investor risk perception during bear markets, Root Protocol’s successful seed funding of $10 million signals a potential shift in this trend. The project’s ability to attract significant investment in challenging market conditions indicates growing confidence in the Web3 sector.