Reading 2 minutes Views 6 Published Updated
Cryptocurrency exchange Binance has announced the winner of its Web3 reality show called “Build the Block”, which takes place in the metaverse. During the show, startups competed against each other to win investments from Binance Labs.
In an announcement sent to Cointelegraph, the Binance team revealed that zkPass won the contest by receiving the most votes in the contest. A decentralized identity verification solution that preserves privacy won first place after competing against many other finalists.
Episode 6 of #BuildTheBlock is live!
It’s the last showdown before the grand finale, with only two projects left competing for a spot in the final. Who will take the victory?
Time to find out
— Binance (@binance) May 30, 2023
The startup aims to provide an identity verification solution for Web3 applications. It is based on multilateral calculations and zero-knowledge proof technology.
Joshua Peng, co-founder of zkPass, said the investment will help them build a decentralized infrastructure. Peng explained:
“Not only are we thrilled to be part of the first presentation ever made in the real-time metaverse series, but we are especially proud to win Build The Block and to be able to collaborate more closely with Binance Labs.”
Binance Chief Business Officer Yibo Ling, who also participated in the competition as a judge, said that they are looking forward to the growth of the competition winner. “We aim to lay the foundation for sustainable ecosystems that provide scalability, especially those enabled by zero-knowledge proof methods,” Ling said.
Related: Binance Helps US Authorities Freeze $4.4M Linked to North Korean Cybercriminals
In addition to zkPass, four other participants received investment offers from Binance Labs. This includes a privacy-preserving decentralized data lake called Mind Network, a project called Kryptoskatt that simplifies Web3 finance, decentralized finance (DeFi) platform creator Bracket Labs, and the DappOS operational protocol.
In other news, the Anoma blockchain protocol has received funding to continue developing its architecture. On May 31, the Swiss non-profit organization received $25 million to create a generalized “intent-driven” blockchain architecture. Anoma co-founder Adrian Brink stated that the third generation platform architecture provides better composability and ease of use compared to existing smart contract protocols.