Blockchain Privacy Startup QEDIT Closes $10M Round with Ant Financial

May 20, 2019

QEDIT, a privacy technology developer for enterprise blockchains, has closed a US$10 million Series A round from investors that included Ant Financial, the payments affiliate of Chinese e-commerce giant Alibaba.  

As reported by CoinDesk, the startup also announced it will be exploring a partnership with Ant Financial, combining enterprise blockchains with zero-knowledge proofs (ZKPs).

The Series A investment round was led by MizMa Ventures, joined by Ant Financial, RGAX, Meron Capital, Collider Ventures, Jovono, and Target Global. QEDIT as received US$14 million in total funding so far, comprising the Series A round, a previous US$3 million seed round, and US$1 million in grants.

ZKPs offer a means through which to prove possession of a secret without revealing the actual secret, with many having tried to apply this technology in order to restore privacy on blockchain networks, which opt for broadcasting data in their default state.

On the matter of how QEDIT’s zero-knowledge technology can be used by Ant Financial and software giant VMware another high-profile collaboration Jonathan Rouach, CEO and co-founder of QEDIT, explained that when a network operates over multiple cloud environments, ZKP solutions enable cloud deployment of blockchain without revealing any sensitive data outside of a chosen provider.

For example, QEDIT has demonstrated on the public Ethereum blockchain how to prove that an individual falls within a certain tax bracket, without access to fundamental data.

Rouach noted that in addition to making the technology more practical, QEDIT supports efforts to standardize ZKPs, so they can be sold to the enterprise world.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Nintendo Switch’s Cooking Mama Employs Blockchain Private Keys
The popular cooking game, Cooking Mama, soon to be rebooted for the Nintendo Switch later this year,...

August 20, 2019

Blockchain Platform VeChain to Ensure Transparency for China’s Wine Industry
Blockchain project VeChainThor is collaborating with a major importer in China to develop an authent...

August 19, 2019

Gaming Platform Enjin Signs a Partnership with HashPort Accelerator to Enter Japan
Leading blockchain-based gaming platform Enjin has announced a strategic partnership with Japanese H...

August 18, 2019

Singapore’s Central Bank Introduces Sandbox Express
The Monetary Authority of Singapore recently revealed the agency has approved the fast track Sandbox...

August 18, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us