Alibaba’s business affiliate, Ant Financial, has sealed a USD 10 million Series A round for Qedit, a platform which provides solutions for safeguarding privacy on the blockchain.
In its press release, Qedit officially announced partnership with many companies including one of the highest valued fintechs, Ant Financial, software giant, VMware, and RGAX, subsidiary of Reinsurance Group of America.
Qedit uses a standard zero knowledge proof (ZKP) cryptography to implement privacy protection of the data. This technology will be incorporated by the partner companies at a commercial level.
Jonathan Rouach, CEO and Co-founder of QEDIT, said,
“Today marks a major step in fulfilling our vision to enable secure collaboration between companies using sensitive data. Working with VMware, Ant Financial and RGAX will help us showcase the value that Zero-Knowledge Proof cryptography can offer on an enterprise level, across different industry verticals.”
He further stated:
“Closing our investment round at USD 10 million is a significant vote of confidence from leading investors. Developing partnerships that showcase the QEDIT privacy layer is key to achieving our overarching goal of boosting blockchain adoption among enterprises globally. Our partners share our vision for blockchain innovation to deliver higher levels of privacy and security. As such, these partnerships are a natural fit for QEDIT’s privacy solution for enterprise blockchain”.
Led by MizMaa Ventures, a lot of other companies including RGAX, Meron Capital, Collider Ventures, Jovono and Target Global were seen investing in the Series A round.
The Vice President of Ant Financial, Geoff Jiang commented on the need for data privacy and security in the finance sector. In collaboration with Qedit, Ant Financial is determined to provide robust privacy measures as part of the Blockchain services.
These investments will help in Qedit’s expansion towards a highly secure privacy module.
Enterprise blockchain designers face a conundrum while building projects. A balance has to be maintained between transparency and data protection. These privacy solutions come a long way in doing the needed without affecting the benefits of blockchain.
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