Los Angeles-based Web3 startup Carv has received a valuation of $40 million as investors strive to back web3 identity builders in the market following the epic crash of FTX, according to Yahoo Entertainment.
The startup, which is utilizing a game-industry first approach, has already raised $4 million, per TechCrunch, and the round was led by early-stage focused VC firm Vertex, which exists under the Singaporean sovereign wealth fund Temasek.
“When you onboard a web2 user, lowering the barrier is very important. If you log in with Metamask, which is like a safe for your private key, and you want to log in from another laptop, then you have to memorize all those secret phrases,” says Victor Yu, co-founder at Carv. “So giving yourself an ID in a way that’s more user-friendly, I think it’s essentially very crucial.”
Carv has partnered with over 90 games and exceeded 300,000 registered users.
“Essentially in the market, we’re talking about to-consumer-driven use cases. Many of [the current decentralized apps] probably have only hundreds of daily users, so it’s hard to promote why users need DID,” Yu says.