'Data startup Privy hopes to bridge the gap between a smooth user experience and the importance of secure data and user consent.' BrandyBetz reports on the company's $8.3M seed funding round co-led by Sequoia Capital and Blue Yard Capital.
Investors find out their position has been liquidated on Twitter because there’s no email address associated with their on-chain account to send out an alert. A person with multiple non-fungible token wallets has to sign into each wallet individually rather than having a universal login. Fixing the problem involves collecting user datwa, which makes some crypto natives anxious because eb 2 data collection has gone as smoothly as the Titanic’s maiden voyage, with a similar amount of leaks.
Privy offers application programming interfaces that developers can use to manage and integrate user data. The encrypted data is privately associated with on-chain addresses to allow developers to text or email users without directly handling their personal information. Projects requiring financial and compliance data, a common need in decentralized finance , can take on that sensitive data without using local storage.
Stein said Privy has seen a lot of activity in the spaces of DeFi, decentralized autonomous organizations and “what we would call Web 2 serving Web 3,” which includes hardware, wallet providers, crypto exchanges, on and off ramps. In other words, areas where compliance and communication are key.crypto venture fund, Sequoia Capital participated in this funding with partners Shaun Maguire and Josephine Chen steering the investment.
“We’ve seen the speed at which they execute,” said Sequoia’s Chen. “It’s been very few months since we first invested. They have a live product and are iterating with customers who love them.”
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