FinTech news in .bit category

Four Tencent veterans want their offering .bit, an identity protocol built on the blockchain, to become the universal identification system in web3, like how emails and phone numbers became ubiquitous in Web 2.0, while giving users control over their own data rather than letting it reside in the platforms they use. The strategy won investor support as the company has closed a Series A funding round of $13 million led by CMB International, which is owned by the Chinese conglomerate China Merchants Group, HashKey Capital, known for its early investment in Ethereum, QingSong Fund, GSR Ventures, GGV Capital and crypto-focused investment firm SNZ. On Jike, a social network favored by China’s tech workers, venture capitalists and web3 enthusiasts, people are attaching the .bit suffix to their names even if they haven’t actually registered an account with the platform. The company’s next ambition is to promote the use of .bit for decentralized autonomous organizations (DAOs), said Yeoh.