cheqd said to secure investment ahead of debut product launch

Identity verification platform cheqd has reportedly raised $2.6m in a funding round to support the launch of its platform later this year.

Outlier Ventures, Evernym, TitanBlock, Torque, 3GR and several unnamed private backers supplied the funds, according to a report from UK Tech News.

The company is gearing up for its first product launch, which will targeted at tech firms building ID solutions, such as banks and hospitals, and want to issue credentials digitally.

cheqd’s mission is to become the leading payment mechanisms for authentic and trusted data, regardless of country, industry or underlying technology, it claims. The RegTech company supports the adoption of self-sovereign identity and is building commercial models through a blockchain network and tokens.

cheqd CTO Ankur Banerjee told UK Tech News, “Covid accelerated uptake of digital technology, but the question is, how do you prove your identity and build trust in an online world? Digital IDs give people control over their credentials which makes it easier and cheaper to verify their identity which makes banking and other services more accessible.

“However, until now uptake of digital IDs has been limited because there is no business model that allows providers to charge for creating them. cheqd makes this possible for the first time and could act as a catalyst to encourage wider uptake.”

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