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Metaverse Credit Protocol, MetaVisa Raises $5 Million In Funding Round

By Mark - Bitcoin Expert - 02-12-2021

MetaVisa, an Ethereum-based layer-3 protocol, has recently announced that the company had raised a total of $5 million in a seed and private funding round. A few investors to mention that participated in the round were Amplio Capital, Spark Digital Capital, and Sora Ventures. Many other notable investors had contributed to the fundraising round such as Collinstar Capital, Black Mamba Ventures, Tensor Investment Corporation, GTA Ventures, Seeded Ventures, and HG Ventures. The company that many venture firms had invested in, MetaVisa, is designed to generate credible on-chain identification and credit records.

MetaVisa’s decentralised blockchain technology will help create a credit system within the Metaverse. MetaVisa will be further developing decentralised identity which will help DeFi, NFTs, and other decentralised applications to build their customer base through analysing blockchain data. MetaVisa’s credit system will also help users buy crypto with credit cards.

The MetaVisa Protocol looks at all transactions across multiple networks, including investors buying crypto and NFTs, then it will utilise that data to come up with an individual’s credit score. As we move into the world of Web 3.0, it’s becoming clearer that people will need their own permanent, self-owned identity, also known as DID. DIDs are a user’s digital identity that will allow for more accessible verifications across the new Web 3.0 era. However, there is some difficulties for decentralised identities to be mainstreamed due to the lack of having a full information model in place. Having a proper system and structure in place is needed to collect and sort metadata for analysing and reviewing.

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