Key Points
Rarimo, a protocol that specializes in zero-knowledge identity, has successfully raised $2.5 million.
The funding round saw participation from Ethereum co-founder Vitalik Buterin.
Rarimo’s Decentralized Identity Model
This new funding will allow Rarimo to speed up its efforts in developing a decentralized digital identity model.
This comes as web3 moves towards systems that are more user-owned.
On November 27, Rarimo shared its focus on zk-wrapping proof-of-personhood methods in an X thread.
This method allows users to confirm vital aspects of their identity without revealing all personal details.
Vitalik Buterin has expressed his support for Rarimo’s identity model.
He sees its strategy of zk-wrapping existing proof-of-personhood methods as promising.
The timing of this funding is critical for Rarimo.
It plans to improve accessibility by transitioning to Ethereum as a roll-up.
This migration is anticipated to happen in early 2025, but a specific date has not been confirmed.
Rarimo also plans to continue developing its self-custody wallet, RariMe.
This wallet, seen as a competitor to Worldcoin’s identity solutions, enables users to privately store personal data and generate zero-knowledge proofs for identity verification.
Rarimo was established in 2021 with the goal of addressing interoperability and liquidity problems in blockchain-based identity systems.
In 2022, its service provider, Rarilabs, raised $10 million in a Series A round, bringing the company’s valuation to $100 million.