Investment Company Kaleo Ventures Supports Decentralized Earning Platform Developed by Cr3dentials
Cr3dentials, a innovative tech company, has raised $25,000 from Kaleo Ventures, an African venture capital firm, to solidify its pilot programs and generate revenue. The company's product is designed to facilitate the secure sharing of income information without compromising privacy.
Cr3dentials leverages zero-knowledge proofs (ZKPs), a privacy-enhancement method on blockchains, to enable privacy-preserving income verification. This technology allows users to prove their income attributes without revealing the underlying detailed data. The protocol ensures data minimization and privacy compliance, similar to well-established anonymous credential systems.
The company's product, built on zero-knowledge transport layer security (zkTLS), a variation of ZKP, secures user login details and shares income information with granted third parties. Companies and firms can integrate Cr3dentials' application program interfaces (APIs) to streamline the collection and authentication of information from multiple users.
Cr3dentials' product allows third-party employers and financial institutions to verify applicants' income information without compromising privacy. Individuals who use Cr3dentials can share verified proof of their revenue on digital platforms without compromising login data.
This is the third capital raise for Cr3dentials, following two equal installments of $20,000 from Microtraction. The company initially invested $20,000 in Cr3dentials. The new funds will be used to complete the proof of concept and revenue generation efforts through upcoming pilot programs.
While details about the specifics of the pilot programs have not been disclosed, such funding rounds typically precede or support pilot initiatives aimed at testing and scaling the protocol, potentially in African markets or other regions focused on decentralized finance and income verification.
Previously, Cr3dentials faced challenges in fundraising due to a distribution gap, as there was no one to use their product. However, the company is now focusing on solving this problem.
Cr3dentials has pilot programs with five different companies, including cryptocurrency exchange Onboard Global. The exact nature of these partnerships remains undisclosed, but they are expected to contribute to the testing and development of the Cr3dentials' solution.
In summary, Cr3dentials is a promising tech company that uses advanced ZKP-based anonymous credential mechanisms to enable users to prove income claims securely and privately, consistent with leading decentralized identity protocols. The recent fundraising suggests forthcoming pilots, though details have not been disclosed as of the latest information accessible.
Technology plays a crucial role in Cr3dentials' operations, as it utilizes zero-knowledge proofs (ZKPs) to ensure privacy in income verification. This African tech company has raised funds for its pilot programs, with Kaleo Ventures investing $25,000 and Microtraction contributing two installments of $20,000 each. With this investment in place, Cr3dentials is looking to complete its proof of concept and scale its protocol, potentially in African markets or other regions focused on decentralized finance and income verification. The company's product, built on zkTLS, secures user login details and shares income information with granted third parties, making it attractive for cryptocurrency exchanges like Onboard Global to partner with them. Furthermore, Cr3dentials' product enables privacy-preserving income verification, a valuable asset in the era of digital finance and crypto investments.
