.bit Raises $13 million to build cross-chain decentralized identity protocol

.bit, a cross-chain decentralized identity protocol launched in July 2021, has raised $13 million in a Series A funding round.

The round was led by CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ.

.bit's open-source blockchain protocol will provide permissionless decentralized identification for individual users and decentralized autonomous organizations.

Cryptocurrency transfer, decentralized domain resolution, and personal profile display are some of the initial applications for .bit's decentralized identity protocol.

Eventually, it is expected that .bit will be used as membership and credential management for DAOs, brands and IPs, celebrities and fans, clubs and communities.

.bit's decentralized identity product also aims to support the one billion citizens who lack legal identification, which makes it impossible for them to prove their identity, obtain basic government benefits or healthcare, enroll in education, or exercise their right to vote.

.bit has supported Ethereum, Tron, Binance Smart Chain, Nervos CKB, and Polygon as a cross-chain solution. In the future, .bit will cover all mainstream public chains such as Bitcoin, Dogecoin, Polkadot, Solana, etc., and software and hardware devices that support asymmetric encryption algorithms.