Ten million dollars have been raised in two seed rounds by Root Protocol, a digital identity service that aims to standardize access to Web3 platforms.Animoca Brands led the investment rounds, which valued Root at $100 million. A number of other prominent investors, including CMS Holdings, Ankr Network, Signum Capital, and angel investors Tekin Salimi and Meltem Demirors, also contributed.
An e-mail announcement shared with CoinDesk on Friday states that Root Protocol is developing a Web3 operating system that will function as a digital identity aggregator, aiming to become “a one-stop station for all things decentralized identity” and facilitate access to various Web3 platforms.
During the recent 18 months’ bear market, funding for Web3 projects decreased because investors may have viewed them as risky and unproven.When roots grow a healthy amount during the seed stage, it could indicate that something has changed.
“Securing $10 million was indeed an accomplishment for a Web3 project, especially considering the challenges many projects faced during bear markets,” a Root spokesperson told CoinDesk in an emailed statement. “The funding rounds for Root drew significant attention due to the involvement of various investment ventures and long term relationship with our partners.”