Rarimo, a zero-knowledge identity protocol, recently announced that it has successfully secured $2.5 million in funding, with support from Vitalik Buterin, the co-founder of Ethereum. This funding will allow Rarimo to further develop its decentralized digital identity model as the web3 landscape shifts towards more user-owned systems.
One of the key focuses of Rarimo is on zk-wrapping proof-of-personhood methods. This approach enables users to verify essential information about their identity without revealing their full personal details. Vitalik Buterin has praised Rarimo’s identity model, stating that it is a promising strategy to achieve both security and privacy goals simultaneously.
In addition to securing the funding, Rarimo has ambitious plans to expand the web3 identity ecosystem. The company aims to enhance accessibility by transitioning to Ethereum as a roll-up, with the migration expected to take place in early 2025. This move will enable Rarimo to continue developing its self-custody wallet, RariMe, which provides users with a private way to store personal data and generate zero-knowledge proofs for identity verification. RariMe is seen as a competitor to Worldcoin’s identity solutions.
Founded in 2021, Rarimo is dedicated to addressing interoperability and liquidity challenges within blockchain-based identity systems. Its service provider, Rarilabs, successfully raised $10 million in a Series A round in 2022, valuing the company at $100 million. This recent funding will further propel Rarimo’s mission to revolutionize digital identity and contribute to the advancement of decentralized systems in the web3 space.
