Pantera Capital invested $15 million in TransCrypts.

Pantera Capital Invests in TransCrypts

Pantera Capital has taken the lead on a 15 million dollar seed investment for TransCrypts. Other investors such as Lightspeed Faction and Alpha Edison also participated in the funding. This financing comes after the San Francisco-based company had a successful summer.

Expansion Plans with HIPAA Certification

TransCrypts plans to expand its blockchain-based identity platform for health and education records by obtaining HIPAA certification. Users will be able to share verified credentials directly across various domains, from employers to healthcare providers.

This initiative is part of the “self-sovereign identity” concept that offers users the opportunity to have direct control over their data. TransCrypts also won first place at this year’s CoinDesk Pitchfest event at Consensus Hong Kong, receiving 10,000 dollars in tokens, a trophy, and ten consulting sessions.

Seeking Solutions Against Identity Theft

The company's CEO, Zain Zaidi, started this project after facing the risk of losing his master’s degree enrollment due to a bureaucratic error. Zaidi states, "If we cannot prove who we are or what we do, we lose something important." In 2023, the amount lost due to identity theft in America was reported to be 43 billion dollars, with fraud cases increasing by 1800%.

TransCrypts currently aims to grow in regulated sectors like health and personnel with 4 million users and over 450 corporate clients. The new investment will expedite identity verification processes in these areas and facilitate connections for users with hiring or educational institutions.