Web3 Protocol Gateway Now Raises $4.2 Million Led By Reciprocal Ventures

Key Points:

• Gateway raised $4.2 million in a seed funding round led by Reciprocal Ventures.
• The firm claims to have issued over 500,000 credentials since its start.

Gateway, a web3 credential protocol, just acquired $4.2 million in venture investment. Reciprocal Ventures, a crypto-focused venture capital firm, led the round, with participation from 6th Man Ventures, Spartan Group, Figment, and others.

Gateway is a protocol that uses web3 technology to verify credentials, update their status, and ensure user sovereignty and data privacy.

Rahman and Sanket Jain launched Gateway in 2021 with the goal of decentralizing credential issuing and management. Credentials are proof that a person possesses a certain characteristic or competence.

In the old world, credentials, such as diplomas from governments and institutions, are generally issued physically and kept by centralized entities. Credentials are maintained on the blockchain in a web3 world and are frequently issued as tokens such as NFTs.

According to The Block, the firm began raising funds for the round early last year and completed it by the second quarter, but opted to disclose it now owing to the previous year’s crypto failures.

The firm provides a decentralized credential application. The dapp provides a no-code platform for web3 companies to establish and issue credentials for their communities.

Gateway is also developing an SDK and an API that will allow its clients to incorporate the protocol directly into their projects in order to issue credentials natively. The SDK documentation and initial use cases will be available in the first quarter of this year.

Gateway claims to have issued over 500,000 credentials since its start, with the vast majority, over 300,000, being NFTs.

Credential minting as an NFT is in the user’s control to help ensure sovereignty and data privacy, the user, after earning a credential, can choose to mint it as an NFT, which we call a verifiable presentation. This is simply a token for greater social consumption and interoperability with applications.

Gateway co-founder Ayyan Rahman said

While Gateway presently supports web3 customers, Rahman stated that the company hopes to include web2 clients in the future.

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