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Portable Identity Company Parallel Markets Announces Series A, Led By Union Square Ventures

Feb 03, 2022•over 3 years ago

Round Type

series a

Description

Identity verification (KYC/AML) and Accreditation processes at financial institutions are slow and repetitive. With rapid growth in new investing platforms, each with redundant verification requirements, the need for a financial identity Passport has only become more apparent. Additionally, the global blockchain technology market is projected to reach nearly USD 400 billion by 2028, with decentralized banking and financial services being large drivers of growth. Tens of millions of participants in Web3 will need to be able to validly convey identity and other credentials in order to access financial products within this innovative new ecosystem.

Company Information

Company

Parallel Markets

About

This new funding will enable Parallel Markets to:Bring about a new paradigm of robust and seamless financial compliance by making identity fully portable for use in both traditional financial institutions as well as for DeFI and Web3Issue the world's first regulatorily-compliant on-chain identity tokenReduce fraud and money laundering across the entire ecosystem by eliminating the inefficiencies and redundancies of current KYC processesGive users greater control than ever before for access to sensitive identity dataIf you're interested in improving your onboarding experience for customers with a fully compliant solution, we would love to show you how we can help. If you're interested in solving the complex problem of portable digital identity for financial markets, we are hiring. Reach out to us at sales@parallelmarkets.com. Parallel Markets is the creator of the Parallel Passport - a robust, portable digital identity solution that satisfies regulatory KYC/AML, Customer Due Diligence Rule and investor accreditation requirements. Parallel Markets is thrilled to announce their $7MM Series A to expand their identity platform, drive market adoption in the traditional financial markets and bring a critical piece of infrastructure to market for decentralized transactions in Web3 that can simultaneously enable integrity and anonymity.