Root Protocol Raised $10 Million at $100M Valuation to Build An Operating System for Web3
Root Protocol: The One Portal to Any Account, Any Chain, and Any Dapp.
Root Protocol is pleased to announce the successful close of $10M in funding across two seed rounds, bringing the total valuation of the project to $100M.
Root Protocol is now building an operating system with the composition of an intent-centric aggregator of digital identity, social network, and more to enable unified access to Web3. It consists of four main components, including the Root Operation Executor, Root Chain (Rollup), Root Account, and Root Indexer, all of which operate together to facilitate effortless interoperability, scalability, and composability.
This latest development includes a wider vision for the project that includes account abstraction — making a Web3 experience invisibile and expansive for the user, while all tied to one’s decentralized identifier (DID). At the highest level, Root Protocol wants to put you in full control of your digital identity and become a one-stop station for all things decentralized identity for the next billion users engaging with the new architecture of the internet — Web3. Root Protocol leveraged the massive traction of their existing B2C product, which has grown to 250,000 DID-verified users in three months.
The founding team members and advisors of Root Protocol are from Consensys, Bankless Ventures, Ontology, Polygon, CoinShares, Morgan Stanley, DCG, Stanford University and MIT, aand are a group of longtime crypto and Web3 builders and enthusiasts. Highlighted Advisors and Angels inlcude Meltem Demirors, Evin McMullen, Ben Lakoff, and Tekin Salimi.
The team’s vision is that as the internet, its architecture, and applications shift away from Web2 to Web3, DIDs are as important, or even more important, as blockchain itself. Indeed, we velieve that very soon, we won’t go to platforms, we will become platforms. As one of the largest existing DID-based account networks, this next evolution will see Root Protocol make Web3 experiences simple, flexible, and expansive, all while maintaining the data and content sovereignty of the next 1 billion individuals.
The two rounds comprise a $10M investment at a $100M valuation. All rounds were led by Animoca Ventures along with strategic investors Shima Capital, DFG Group, Signum Capital, Ankr Network, Digital Strategies, CMS Holdings, Double Peak, GenBlock Capital, Cypher Capital. New investors announced are Dao5 and Gate Labs Ventures.
