Metaverse identity issuance protocol Kudo Money has raised $4 million from a cross-section of venture capitalists, crypto communities, media investors and decentralized protocols worldwide.
The fresh infusion of capital will help Kudo continue its development of an ecosystem of Web 3.0 products, including Unomi and Bitquity, for mainstream crypto adoption, according to a press release on Tuesday (Dec. 28).
Kudo Money is a protocol that is striving to reinvent how on-chain identity works by using a holistic approach to identity in crypto. Users can earn rewards for good on-chain behavior, which is based on their on-chain scores.
A decentralized scoring protocol, Kudo uses Unomi Passports to power on-chain identity. To provide a positive user experience, protocols can harness on-chain archives for an address. This has become even more important with the adoption of pseudonymous public key addresses as identity proxy.
Per the release, “Unomi passport scores will provide protocols with an insightful view of their users, allowing them to make better decisions and reward good on-chain behavior. Unomi will enable users to batch wallets and sync their on-chain activity into a single interoperable Passport.”
Users with higher on-chain reputations will be given greater access to borrowing, airdrop and farming opportunities in Ethereum, Polygon, BSC and Solana ecosystems.
“The current crypto experience is very crude,” said Tejas Thole, founder and CEO of Kudo Money. “Due to the pseudo-anonymous nature of addresses, protocols lack a basic understanding of their interacting users. Web 3.0 user experience now is very similar to the early era of the internet.”
“If we are able to simplify these complexities with Unomi Identity passports, Kudo can unlock the missing piece for Web 3.0 mainstream adoption,” Thole added.
More than 60 venture capitalists and ecosystem stakeholders have backed Kudo Money in private rounds.
The steady infusion of capital helped grow Kudo Money, and the company is getting ready to launch its native token $KUDO as part of decentralizing its identity infrastructure. The release is planned for the first quarter of 2022.