China blockchain developer Bit raises $13m

Qingsong Fund, GSR Ventures, GGV Capital, and Singapore-based blockchain specialist Hashkey Capital also participated. They were joined by SNZ, a sector fund set up by a group of blockchain engineers.

Bit – stylised as .bit and also known by its web address did.id – aims to provide permission-less decentralised identification for individual users and decentralised autonomous organisations (DAOs). The idea is to give people more control of their data and digital identities than is possible in traditional centralised databases, where accounts can be blocked, censored, or deactivated.

The company hopes its technology will eventually be used for membership and credential management at various DAOs, brands, celebrities, clubs, and communities. More immediate applications are likely to include cryptocurrency transfers, decentralised domain resolution, and personal profile display.

“Further use cases for Bit’s decentralised identity product include supporting the one billion citizens who lack legal identification,” the company said in a statement. “This makes it impossible for them to prove their identity, obtain basic government benefits or healthcare, enrol in education, or exercise their right to vote.”

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• Topics
• Southeast Asia
• Greater China
• Technology
• Early-stage
• China
• Singapore
• Qingsong Fund
• GGV Capital
• GSR Ventures
• blockchain