TransCrypts raised 15 million USD in seed funding, guided by Pantera Capital along with contributions from Lightspeed Faction and Mark Cuban. This financial backing will help enhance their blockchain-based identity services.
The startup aims to empower users with self-sovereign identity, allowing them to manage personal data. Plans include expanding into health and education credentials, bolstered by HIPAA certification.
With identity theft losses reaching 43 billion USD in 2023, the necessity for decentralized identity solutions is evident. Currently servicing 4 million users, TransCrypts is positioned to lead in this emerging market.
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