Web3 Credential Platform, Gateway Secures $4.2M in Seed Funding
The digital asset ecosystem has made a solid start to the new year following the turbulence of the previous year as firms continued to raise millions of dollars in a seed funding round. The Web3 credential protocol Gateway is the latest to announce a $4.2 million fundraising for its expansion drive.
Funding For Web3 Development
Per reports, Reciprocal, the crypto-focus venture capitalist, and 6th Man ventures, Figment, and Spartan Group led the new funding round. In addition, angel investors like Polygon’s Sandeep Nailwal and Messari’s Ryan Selkis also supported the funding phase.
Furthermore, Gateway started the fundraising in early 2022 but was unwilling to announce it due then due to the broader crypto market correction. In a recent interview, the firm’s co-founder, Ayyan Rahman, disclosed that Gateway realized the funding through an equity plus token warrant partnership but declined to comment on the token’s launch date.
Founded in 2021 by the duo of Ayyan Rahman and Sanket Jain, Gateway aims to become the leading decentralized Web3 credentials issuer and solutions provider. Web3 credentials are a verifications process that shows a user’s specific attributes or qualifications.
This is different from the conventional world, where credentials are physically issued by a centralized entity like the government or universities issuing certificates. In contrast to the physical world, credentials in the Web3 space are stored on blockchain protocol and issued as tokens like non-fungible tokens (NFT).
The firm noted that it had issued more than 500,000 credentials since its establishment, with the majority of them, above 300,000, minted as digital collectibles. However, credential minting as NFTs is within the control of users, which helps ensure data privacy, Rahman added.
Upon earning a credential, the user may mint it as NFT, a verifiable presentation, a token for more interoperability with applications, said the co-founder.
Storing Credentials on Blockchain
According to Rahman, Gateway stores its credentials on a blockchain-powered data storage platform called Arweave. The protocol is compatible with Ethereum-based credentials. Gateway plans to integrate with Solana in the long term.
Meanwhile, Gateway offers a range of credential decentralized applications (dApps), which provide Web3 platforms with a no-code means to produce and issue credentials for their groups.
The Web3 credentialing protocol is currently building an SDK and API to allow clients directly integrate the Gateway features into their projects to solve credential issues. Meanwhile, the firm plans to release the SDK certification and use cases in the year’s first half.
Despite just serving Web3 clients, the co-founder noted that plans are underway to onboard Web 2 enterprises shortly. Gateway has multiple use cases that companies can leverage to enhance their brands’ development and ensure customer loyalty to their products, said Craig Burel, an executive at Reciprocal Ventures.
Having secured fresh funding, Gateway intends to continue expanding its protocol and plans to hire more hands to ensure optimal performance in its engineering department.
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