Root Protocol, the cutting-edge Web3 identity platform, has successfully closed a significant funding deal, securing an impressive $10 million. This seed stage funding, divided into two rounds, has propelled the platform’s overall valuation to an impressive $100 million within the digital aggregator space. This financial boost aims to accelerate the development of a groundbreaking ‘one-step’ digital identity, ensuring effortless access to Web3 platforms.

Investors Propel Root Protocol’s Vision 

Major players, including Animoca Brands, played a pivotal role in this substantial funding round, contributing a noteworthy $2.5 million in the second leg of the seed funding. Notable investors such as Signum Capital, CMS Holdings, and Ankr Network, as well as distinguished angel investors like DAO5 founder Tekin Salimi and former CoinShares Chief Strategy Officer Meltem Demirors, also joined the initiative.

Standing Strong Amid Challenges

Amidst a challenging 18 months marked by bearish market conditions, the Web3 investment landscape experienced a significant decline from $12.14 to $2.34 billion. Nevertheless, Root Protocol’s recent success defies this trend, showcasing resilience and innovation. Addressing the challenges faced by many projects during bear markets, a Root Protocol spokesperson declared,

“Securing $10 million was indeed an accomplishment for a Web3 project, especially considering the challenges many projects faced during bear markets.”

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