Quadrata, a passport network bringing identity, reputation, and compliance to blockchain apps, 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 offering the Quadrata Passport to millions of blockchain users.
Similarly, the funding aims to drive Quadrata to become a global ID solution across multiple blockchains. In addition, Quadrata has partnered with TransUnion to create a native on-chain reputation score that will reward users for good behavior.
The raise also saw participation from 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 allow web3 projects to provide a safer and more secure experience for its users, the Quadrata NFT Passport will host verifiable identity information and compliance review ratings with the help of its privacy-preserving and sybil-resistant technology.
This technology intends to help web3 initiatives such as play-to-earn games, NFT drops, or token airdrops to mitigate the risk of bots exploiting the transparent nature of blockchain to get ahead of real users. Ultimately, the goal is to help combat the dilemma of anonymous founders being potential bad actors.
“Partnering with a web3-native fund was a key consideration during our funding round. Given Dragonfly Capital’s proven success with major players in the space, we are thrilled to have them as a strategic advisor leading our investment round. We look forward to partnering with Dragonfly to be able to provide an identity solution that brings maturity to blockchain and decentralized applications.”
– Fabrice Cheng, CEO/Co-Founder, Quadrata
Quadrata has an expansive roadmap for the rest of the year into 2023, with plans to develop its passport technology to other blockchains, decentralize its network, and rapidly grow its ecosystem by partnering with projects to make on-chain identity available for institutions and users.