Blockchain Identity Startup Netki Raises $3.5 Million

Netki, a digital identity startup, has raised $3.5 million to help it expand its team and technology offerings.

AccessTimeIconJul 5, 2016 at 12:00 p.m. UTC
Updated Aug 18, 2021 at 5:01 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

With most of the energy in bitcoin focused on infrastructure issues, creating a more user-friendly environment for new users arguably hasn't been top of mind.

However, this isn't stopping startups from moving ahead on this objective. Toward this goal, digital identity startup Netki has announced it has raised $3.5m in a seed round led by O’Reilly AlphaTech Ventures (OATV).

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Joining the round was domain name provider, Donuts, Colle Capital, The Husseini Group, Digital Currency Group, Bitfinex, Plug and Play, Base Ventures and Tom Turney.

    In an interview, Netki CEO Justin Newton, explained that the funds were raised to help the company, founded in 2014, continue with its growth.

    He told CoinDesk:

    "We plan to use the funds to invest in our technology and grow our team in order to support customer growth."

    For O’Reilly AlphaTech Ventures, this marks its first investment in a blockchain startup.

    Ease of use

    Netki was launched by Justin and Dawn Newton, both of whom were part of early Internet companies. (Justin Newton designed technology for AboveNet, NetZero/United Online, Demand Media and Blackline, while Dawn grew support operations at NetZero/United Online and worked at Microcom and InterAccess).

    At Netki, their primary focus has evolved from this background.

    To date, it has seen the entrepreneurs target applications that they believe are ready to be used today that can reduce the barrier of entry for blockchains, with a primary focus on identity projects.

    Its first product, the Wallet Name Service, launched in the beginning of 2015 in an attempt to create a cleaner wallet address, and companies that have integrated Netki’s wallet naming service are Purse, BitSo, Bitt and BlockCypher.

    Its latest product, announced at CoinDesk’s Consensus 2016, is a soon-to-be launched digital identity certificate, which it has compared to an SSL Certificate for the blockchain.

    The company anticipates its digital identity certification offering will be in full production by the end of 2016.

    Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Netki.

    Spare change image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.